Standard & Poor's Rating Services has downgraded Dakota County and its Community Development Agency's credit ratings of AAA to AA+.
The downgrade was the result of a late interest payment on an $8.1 million bond. County officials expected to get a summary from the Depository Trust Co., a financial services agency, notifying them of the need for a $175,000 interest payment. They did not get that summary.
"It's really quite disappointing and difficult to understand," county Financial Services Director Stephanie Shawback said, because the county is in a good place financially.
The downgrade could affect the Community Development Agency's borrowing rates.
The county's rating from Moody's Investors Service remains at AAA.
Jessie Van Berkel
EDINA
Bees and chickens are a go
The buzz in Edina is the passage of a new law allowing residents to keep bees in their back yards. The City Council last week passed the ordinance on a 5-0 vote. Also passing without a squawk was a companion ordinance allowing residents to keep egg-laying hens. Both ordinances will go into effect on official publication, expected this week.
"I look forward to seeing many hens and apiaries in Edina in the future," said Dianne Plunkett Latham, chairwoman of the Local Food Working Group of the city's Energy and Environment Commission.
JOHN REINAN