New York, May 13, 2013 -- Moody's Investors Service has downgraded the GO rating on the City of Niagara Falls' (NY) $65 million in outstanding general obligation debt to Baa3 from Baa1/on review for downgrade; the outlook is negative. 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).

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