NEW YORK - Moody's Investors Service said it downgraded to A3 from A1 the rating on the city of Ketchum, Idaho's sewer enterprise revenue bonds. The bonds are secured by the net revenues of the city's sewer system.

The downgrade to A3 primarily reflects the enterprise's weakened financial position evidenced by declines in debt service coverage and liquidity levels that were driven by cash funding one time capital projects.

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