Moody’s Investors Service said it has downgraded the rating on Olmsted Township, Ohio’s general obligation limited-tax bonds to A1 from Aa3, affecting $2.23 million of outstanding debt.

The bonds are secured by the township’s limited-tax GO pledge, subject to Ohio’s statutory 10-mill limitation. The A1 rating reflects the township’s narrow financial position with continued structural imbalances and limited cash reserves, a modestly sized tax base with recent valuation drops, and a manageable debt profile.

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