Rebuking Vermont for its third consecutive fiscal year of budgetary imbalance, Standard & Poor's Corp. yesterday lowered its rating on the state's general obligation bonds to AA-minus from AA.

The agency announced the downgrade the morming Vermont Treasurer Paul Ruse accepted bids on $65 million of two-year GO notes to finance the state's budget gap for fiscal 1991, which ends June 30. State finance official project Vermont's general fund will show a deficit of $58.4 million, more than 10% of the fund's total revenues, by the fiscal year's end.

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