Moody's Investors Service said it has downgraded to A1 from Aa3 the rating on the city of Delano, Minn.'s general obligation bonds, affecting approximately $3.79 million in outstanding Moody's rated debt.

The bonds are secured by the city's general obligation unlimited tax pledge, though a portion are supported by storm water revenues or state aid. The city has additional outstanding general obligation debt of approximately $22.82 million which is not Moody's rated.

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