Accountant Shortage Leaves Some US Cities Without Credit Ratings

The municipality of Marion had planned to finance a new $10 million firehouse with a bond deal later this year, but that project and others are on pause because the city north of Columbus, Ohio, doesn’t have a credit rating.

It was among the 64 local governments and utility systems that S&P Global Ratings withdrew ratings for this month for failing to file financial information on time. In March, the company put Marion and 148 other entities on a negative credit watch.

The withdrawal is “catastrophic,” said Miranda Meginness, Marion’s auditor. “It’s hard for us to figure out how to ...