Moody's Investors Service downgraded the city of Hayfield, Minn.'s general obligation rating three notches to the lowest investment-grade level.

Moody's lowered the rating to Baa3 from A3 on $4.2 million of debt. The review came ahead of the city's issuance of $1.1 million of GO-backed wastewater revenue bonds, which carry an enhanced rating through a state program of Aa2 with a negative outlook, and a GO refunding issue for $515,000.

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.