Moody’s Investors Service downgraded its general obligation bond rating on Dover, N.H., to Aa3 from Aa2, affecting $93.7 million of outstanding debt.

The move reflects the city’s relatively modest financial position and expectation that reserves will not improve significantly over the near term, given a combination of revenue-constraining local tax-levy cap, slower economic growth and rising fixed-cost pressures related to pensions and other post-employment benefits.

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