Moody's downgrades Reno, Nevada to A1

NEW YORK, June 7 Fri Jun 7, 2013 1:25pm EDT

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NEW YORK, June 7 (Reuters) - Moody's Investor Service downgraded the city of Reno, Nevada by one notch to A1 because of its "still weak financial position", the rating agency said on Friday.

Moody's revised the outlook to stable from negative. The action affects $50.9 million in previously issued General Obligation Limited Tax (GOLT) bonds, $23.5 million in GOLT/Revenue bonds, $5.2 million in GOLT medium term bonds, and $9.6 million of assessment bonds backed by the city's GOLT pledge.

Moodys' assigned the A1 rating to new $64 million bonds.

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