August 21, 2012 / 8:53 PM / 5 years ago

Moody's downgrades Johnston, Rhode Island

Aug 21 (Reuters) - Moody’s Investors Service downgraded to A3 from A2 the long-term rating of Johnston, Rhode Island, on Tuesday because of continued underfunding of the town’s public pension plan.

The credit rating agency also assigned a negative outlook. The actions affect $24.5 million of the town’s outstanding debt.

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