NEW YORK - Moody's Investors Service said it has downgraded to A1 from Aa3 the city of Mount Washington, Ky.'s general obligation rating and placed the rating under review for possible downgrade, affecting $7.4 million in rated debt.
The downgrade reflects the city's relatively stagnant tax base, weak financial management practices, and unresolved internal controls.
The rating is under review due to insufficient or otherwise inadequate information to support the maintenance of the rating.
If adequate information is not obtained within 30 days, Moody's will take the appropriate rating action which could include additional rating pressure and/or withdrawal of the rating.
