Moody's Investors Service said it has downgraded to A2 from A1 the rating on Pine City, Minn.'s outstanding general obligation debt.

Concurrently, Moody's has assigned an A2 rating to the new sale of $610,000 general obligation improvement crossover refunding bonds, Series 2012B. The A2 rating applies to $16.3 million of post-sale general obligation debt.

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