NEW YORK - Moody's Investors Service said it downgraded to Aa3 from Aa2 the rating on New Albany Plain Local Joint Park District, Ohio's general obligation unlimited tax debt. The Aa3 rating applies to $7.9 million in outstanding general obligation tax debt.

The outstanding bonds are secured by the park district's general obligation unlimited tax pledge.

The downgrade of the park district's rating reflects its stagnating property tax revenues negatively affected by the region's slumping real estate market as well as two recently failed referenda attempts to increase local operating revenues.

Also included in the rating is the district's suburban Columbus tax base (GO rated Aaa/stable outlook); with above average socioeconomic characteristics; stable, but nominally minimal general fund reserves; average direct debt levels with relatively high annual debt service expenses; and average principal amortization.

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