Moody's Investors Service said it has downgraded the general obligation rating on the city of Niagara Falls, N.Y.'s $65 million in outstanding general obligation debt to Baa3 from Baa1/on review for downgrade; the outlook is negative.

The bonds are 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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