Moody's Investors Service said it has downgraded the city of Big Lake, Minn.'s general obligation rating to A1 from Aa3 affecting approximately $54.9 million in outstanding GO bonds.
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The bonds are secured by the city's unlimited tax pledge which benefits from a dedicated property tax levy unlimited as to rate or amount.
The A1 rating reflects the city's limited tax base with above average wealth indicators, strong general fund operations with ample reserves, limited liquidity in the enterprise operations, a high debt burden and above average pension liability.
