NEW YORK - Moody's Investors Service said it has downgraded to A2 from Aa3 the underlying rating on the town of Exeter, N.H.'s $2 million of outstanding rated general obligation bonds. The bonds are secured by the town's general obligation unlimited tax pledge.

The A2 rating reflects the town's medium-sized tax base, manageable debt burden, and a weakened financial condition with narrow reserves negative general fund balance that are expected to limit financial flexibility.

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