Moody's cuts New York city of Niagara Falls by 2 notches to Baa3

Mon May 13, 2013 6:02pm EDT

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May 13 (Reuters) - Moody's Investors Service downgraded the distressed New York city of Niagara Falls two notches to Baa3 from Baa1 on Monday, saying the city could run out of cash as early as November because of delays in casino revenue remittances.

The action affects the city's $65 million of outstanding general obligation bonds.

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