City of Williston gets its credit rating downgraded

Oil extracted from wells ringing Williston, North Dakota, helped push the state’s surplus to a record $1.6 billion and generate the nation’s lowest jobless rate. Drilling also left the city broke.

While the U.S. Census counts about 16,000 residents, Williston says it provides services to more than 38,000, including workers living in temporary camps, hotels, and even vehicles. Keeping up with the load is spurring budget gaps that will deplete rainy-day funds, according to Standard & Poor’s, which cut city debt to BBB+ in December, three steps above junk.

Bloomberg

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