DALLAS — Glendale, Ariz., is taking a downgrade as it prepares to issue $116 million of revenue bonds to keep the National Hockey League’s Phoenix Coyotes playing in city-owned Jobing.com arena.

Moody’s Investors Service lowered Glendale’s general obligation rating to Aa2 from Aa1, while dropping its senior-lien excise tax rating to Aa3 from Aa2. The second-lien excise tax revenue bonds that will be issued for the arena fell to A1 from Aa3, and the third-lien bonds dropped to A2 from Aa3.

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