Moody's Investors Service said it has downgraded toAa3 from Aa2 the rating on the town of Gray, Maine's general obligation bonds outstanding.

The rating affects $5.3 million in outstanding long term debt, which is secured by a general obligation limited tax pledge as debt service is subject to Maine's property tax levy limitation, known as LD-1.

The downgrade to Aa3 reflects the town's limited tax base and weakening socioeconomic profile, as well as moderate declines in the town's reserve levels.

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