Moody's Investors Service said it has downgraded to Aa3 from Aa2 the rating on the village of Weston, Wis.'s outstanding general obligation unlimited tax debt.
The village has $10.1 million of GOULT debt outstanding.
Concurrently, Moody's has downgraded to A2 from A1 the rating on the village's $26.7 million of outstanding lease revenue debt.
The downgrade of the GOULT rating to Aa3 primarily reflects a moderately narrowed financial position driven by a growing deficit balance in one of the village's TIF funds. The rating also incorporates the village's moderately-sized tax base and economy, as well as an elevated debt burden but modest pension burden.
The A2 lease revenue rating is notched twice from the city's GOULT rating to reflect the non-essential economic development nature of the financing and the annual risk of non-appropriation of debt service payments.
