Moody's Investors Service said it has downgraded the ratings on the city of Watertown, Wis.'s long-term general obligation unlimited tax rating to Aa3 from Aa2 and the Community Development Authority lease revenue debt to A2 from A1.

Concurrently, Moody's has assigned an Aa3 rating to the city's $7.7 million general obligation refunding bonds and $1.6 million general obligation promissory notes, and downgraded the rating to Aa3 from Aa2 on the city's outstanding general obligation unlimited tax debt and A2 from A1 on the city's outstanding community development authority lease revenue debt.

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