Moody’s Investors Service placed the A1-rated Omaha Metropolitan Utility District on review for possible downgrade after years of thin debt-service coverage.

The district has seen three straight years of debt-service coverage levels of less than 1 times as spending has outpaced revenue, according to Moody’s.

“Going forward, our review will focus on audited fiscal 2011 results, along with outcomes from ongoing negotiations with the system’s collective bargaining unit,” Moody’s analyst Genevieve Nolan said in a report released Monday.

Preliminary 2011 results show coverage rose to 1.83 times.

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