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  1. This could happen to Falls Church City:

    Standard & Poor’s downgraded Hartford debt to junk bond status late Tuesday, less than a week after the financially troubled capital city hired a New York law firm with expertise in restructuring municipal finances.

    The Wall Street ratings agency downgraded most city of Hartford outstanding debt to BB, a level that’s classified as speculative, also known as non-investment-grade, or junk, from BBB-. That reflects a strong possibility that Hartford could default on its debt or renegotiate it to pay bondholders less money.

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