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Moody's Lowers CR's Bond Rating

CEDAR RAPIDS, Iowa (AP) -- Moody's Investors Service has dropped Cedar Rapids' top bond rating a notch, down to Aa1 from Aaa.
   The city drop has been expected since Moody's announced in January that it had changed its methodology for rating cities.
   Other Iowa cities' ratings also have dropped, including Ames, Dubuque and Sioux City.
   The new rating system places greater weight on a city's debt and pension obligations and less weight on the local economy and tax base.
   Cedar Rapids officials say the one-step downgrade in Moody's 10-step rating system still leaves the city's bond rating in a high-quality category.

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