Moody's Investors Service said it has downgraded the city of Santa Fe, N.M.'s general obligation bond rating to Aa3 from Aa2, affecting $17.1 million of Moody's rated debt.

At the same time, the Aa3 senior and A1 subordinate gross receipts tax (GRT) ratings have been confirmed, affecting $55.7 million in outstanding debt. The city's water utility system revenue bonds have also been confirmed at Aa2, affecting $38.8 million in Moody's rated debt. The outlook on the city's debtportfolio has been revised to stable.

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