LOS ANGELES -- Standard & Poor's Corp. last week lowered to A-plus from AA-minus its rating on $26.6 million of certificates of participation issued in 1991 by Marin County, Calif., for capital improvement projects.

The county's tardiness in managing expenditures in response to state funding cuts prompted the downgrade, Standard & Poor's said Friday in a release. While the country's financial flexibility has declined, its credit outlook is stable, the agency said.

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