Moody's Investors Service said it has downgraded to A2 from A1 the rating on the city of Virginia, Minn.'s general obligation debt, affecting $36 million in post-sale debt outstanding.

Moody's has also downgraded to A3 from A2 the rating on city of Virgina's Housing and Redevelopment Authority's $16.2 million of outstanding lease revenue debt.

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