Moody's Investors Service said it has downgraded the city of Utica, N.Y.'s general obligation rating to Baa2 from Baa1, affecting approximately $47 million in outstanding rated debt; the outlook remains negative.

The city's debt is secured by a general obligation pledge as limited by the Property Tax Cap - Legislation (Chapter 97 (Part A) of the Laws of the State of New York, 2011).

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