Moody's Investors Service said it has downgraded the rating for the city of Harrison, Ohio's $9.3 million outstanding general obligation debt to A1 from Aa3.
The Harrison's $9.3 million outstanding general obligation debt is secured by the city's limited tax pledge, subject to the state of Ohio's (Aa1/stable outlook) ten mill limitation.
The downgrade reflects the city's narrow financial position; moderately sized tax base located in Hamilton County (Aa2/negative outlook) near the Indiana border; socioeconomic indicators which are on par with state and national medians; and manageable debt burden.
