(WBAP/KLIF) – Moody’s Investors Services has downgraded the economic outlook for Dallas from stable to negative after voters approved Proposition U. While the rating agency affirmed Dallas’ A-1 rating for its general obligation budget, the negative outlook could cause the city’s credit rating to go down over the next two years. A downgraded credit rating could make it more difficult and costly for the city to issue public bonds. Approximately 51% of voters supported Proposition U which forces the city to hire 900 additional police officers, and devote at least half of new tax dollars collected to the police and fire pension fund.
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