Moody's Investors Service said it has downgraded to A3 from A2 the rating on the city of Maple Heights, Ohio's outstanding general obligation limited tax debt.

The outlook remains negative.

The A3 rating and negative outlook apply to $13.2 million of outstanding general obligation limited tax debt.

The outstanding bonds are secured by the city's general obligation limited tax pledge subject to the statutory ten mill limitation.

The downgrade to the A3 rating reflects the city's limited liquidity, negative trends in socioeconomic indicators and recent declines in property tax base assessed valuations.

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