Moody's Investors Service said it has downgraded to Baa1 from A2 the rating on $65.7 million of general obligation debt of the city of Niagara Falls, N.Y., and placed the rating under review for further downgrade.

The city's debt is secured by a general obligation pledge as limited by the Property Tax Cap - Legislation (Chapter 97(Part A) of the Laws of the State of New York, 2011).

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