1.   After allowing the city to borrow beyond its means for years, banks suddenly shut the spigot.

2.   By state law, the city cannot borrow money to pay for its operating expenses without special approval from the state legislature.

3.   In addition, any money the city borrows in private markets would need approval by the board.

4.   More and more, the city was borrowing just to pay back earlier borrowings.

5.   Ordinarily, the city might borrow Western currency elsewhere.

6.   The city constantly borrows money by selling bonds to pay for capital projects like building schools and other public buildings and repairing roads.

7.   The downgrades could make it more expensive for the city to borrow if it needs to tap capital markets to fund operations.

8.   The ratings cuts could make it more expensive for the city to borrow if it needs access to capital markets to fund operations.

9.   The agreements give investors safer investments and allow the city to borrow at lower interest rates.