SAN FRANCISCO — Moody’s Investors Service downgraded Wenatchee, Wash.’s general obligation ratings three notches due to concerns over city-backed debt issued to pay for a struggling arena.

The agency cut the city’s unlimited-tax GO rating to A3 from Aa3 and its limited-tax GO rating to Baa2 from A1. Moody’s also placed the city’s rating on review for possible further downgrade.

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