The city of Massillon, Ohio lost its investment-grade ratings last week when Moody’s Investors Service knocked it down three notches to Ba1 from Baa1.

Massillon is located in Stark County, about 60 miles south of Cleveland, with a population of 32,000. Property values declined 9% in 2013, due mostly to the state’s phasing-out of tangible personal property tax, Moody’s analyst David Strungis wrote in the downgrade report. 

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