State's Third Largest City Gets Junk Bond Status

Springfield, MA – Springfield, Massachusetts usually makes news because the city is saving money through its groundbreaking prescription drug program. Now the city has another, far less desirable designation: it's the only city in Massachusetts with junk bond status of its debt. The designation came late yesterday from Standard and Poor's investment house. It's a major blow to the city and will make it harder and more expensive for Springfield to borrow money. Kelly Wilkinson has more.