Moody's lowers Portland, Maine, G.O. bonds to Aa2

Moody's Investors Service said it downgraded to Aa2 from Aa1 the City of Portland, Maine's $250.6 million in outstanding general obligation bonds.

Moody's said the downgrade reflects challenges to the city's already narrow financial position, including a substantial reduction in reserves in 2007, reflecting a $1.8 million deficit in school operations, and adverse legal judgment, requiring the city to pay out $1.2 million and informing the expectation of another year of diminished reserves at the end of 2008.

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