NEW YORK - Moody's Investors Service said it has downgraded to Aa3 from Aa2 the general obligation bond rating for the city of Benicia, Calif.
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The downgrade reflects the city's weakened financial position, with low general fund cash and reserve levels for the rating category. The city has significantly reduced financial flexibility to manage what is a finely balanced budget through FY 12 and FY 13. The Aa3 rating also reflects the city's strong socioeconomic profile, stable property tax base and moderate debt burden.
