Dec 21, 2013 12:00 PM by Associated Press
PHOENIX (AP) - The sixth largest city in the U.S. has had its credit rating downgraded by one of the world's largest credit-rating agencies thanks to the economy and property values.
Phoenix officials say the city's AA+ rating is still among the highest for the nation's largest cities.
Standard and Poor's announced the newly adjusted rating Friday. It's now based largely on the economy, property values and other economic conditions. S&P says if market values were to climb, the city's score could improve.
Acting City Manager Ed Zuercher says it's disappointing anytime a bond rating is downgraded. But he acknowledged that the new rating system puts a lot of emphasis on property values - the one aspect of Phoenix's economy that was hit the hardest during the recession.
The rating affects the city's ability to borrow money.