Moody's Investors Service said it has downgraded to A2 from A1 the rating on the town of Prospect, Conn.'s general obligation bonds, affecting $1.6 million in general obligation debt outstanding.

The bonds are secured by the town's general obligation unlimited tax pledge.

The A2 rating reflects the town's narrow financial position that is not expected to improve materially over the near term, moderately sized tax base, above average wealth and income levels, and low debt burden.

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