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Bond rating downgraded for Wadena

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Moody's Investors Service has downgraded the bond rating for the City of Wadena from an A1 to an A2 grade, citing what it calls a limited tax base affected by the 2010 tornado, lower income levels and the fact that certain large FEMA reimbursements to the city are still pending.

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The rating applies to the city's general obligation debt, which Moody's spokesman David Jacobson defined as the most common type of municipal bond.

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