Moody’s Investors Service has revised New Haven’s outlook to negative as it prepares to sell $44.5 million of Series 2011B general obligation bonds on Wednesday.

The move affects about $474 million of outstanding debt. Moody’s affirmed its A1 rating for the city. The new outlook “reflects the possibility of downward rating movement should the city’s already slim general fund balance position narrow further,” Moody’s said in a statement.

“The outlook also incorporates the city’s high debt burden and an internal service fund deficit, both of which are credit characteristics inconsistent with the current rating category,” according to the agency.

Moody’s analysts also cited New Haven’s high fixed-cost structure, including increasing pension contributions, as challenges.

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