Moody's Investors Service has downgraded the rating for the city of Chillicothe, Ohio's outstanding general obligation debt to A1 from Aa3.
The downgrade to A1 affects $1.86 million GO debt outstanding.
The Chillicothe's $1.86 million outstanding general obligation debt is secured by the city's limited tax pledge subject to the state of Ohio's ten mill limitation.
The downgrade reflects the city's narrow financial position; pressured intergovernmental revenues; below average socioeconomic indicators; manageable debt burden; and moderately-sized tax base which serves as the economic center of Ross County (Aa2).
