Moody's Investors Service said it has downgraded to Baa1 from Aa3 the rating on Valley Communication Center Development Authority, Wash.'s refunding bonds, 2010.
The bonds were issued by the authority and are secured by the full faith and credit of the underlying pool participants. Proceeds were used to refinance the Series 2000 obligations, which financed the construction of a new emergency communications center.
The downgrade to Baa1 primarily reflects the deteriorated credit quality for some of the underlying pool participants. The rating also incorporates the overall sound structure of this unenhanced pool.