Moody's Investors Service cut its rating on the fiscally troubled city of Mansfield by two notches to A3 from A1 and placed the credit on review for a further downgrade. The move affects $12.7 million of general obligation debt.

The state of Ohio declared Mansfield to be in a state of fiscal emergency in 2010. Moody's said the downgrade reflects the city's fiscal deficit position and ongoing economic pressures.

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