Moody's Investors Service said it has downgraded the rating on the city of Fairmont, Minn.'s outstanding general obligation debt to Aa3 from Aa2.

Concurrently, Moody's has assigned a Aa3 rating to the city's $1.7 million general obligation improvement bonds, Series 2013A. Post-sale, the city will have $53.9 million of general obligation debt outstanding, of which $13.1 million is rated by Moody's.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.