Moody's Investors Service said it has downgraded Coram Fire District, N.Y.'s general obligation bonds to A2 from Aa3, affecting $500,000 in debt.
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The bonds are secured by the district's limited tax pledge.
The A2 rating downgrade reflects the district's limited financial flexibility due to a negative unassigned fund balance, a modestly sized tax base with above average wealth levels, minimal debt burden, and a multiple-year trend of operating deficits. Additionally, capital project spending has reduced capital reserves in recent years.
