NEW YORK - Moody's Investors Service said it has downgraded the town of Woodstock, N.Y.'s rating to Aa3 from Aa2 affecting $2.7 million in outstanding general obligation debt. The bonds are 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)

The downgrade to Aa3 incorporates the town's narrowed available general fund reserves resulting from three years of structurally imbalanced operations. The rating reflects the town's sizeable tax base, minimal debt burden, strong socioeconomic indices, and the availability of unrestricted reserves moving forward.

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