CHICAGO — Moody’s Investors Service this week downgraded Toledo, Ohio, warning that falling income tax revenue has led to repeated general fund shortfalls despite attempts to stabilize financial operations.

Moody’s cut its rating to A2 from A1 on $153 million of outstanding general obligation limited-tax debt, and downgraded $34.4 million of outstanding non-tax revenue debt to A3 from A2. The outlook is stable at the lower ratings.

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