A credit rating agency has downgraded Montgomery's credit rating, citing what it calls the city's weakened financial position.
Moody's Investor Service issued the lower rating in a report released Monday.
The city was downgraded from an Aa2 rating, which is the third-best rating available, to an A1 rating with a negative financial outlook.
Moody's said in its report that a financial imbalance has drained cash reserves in multiple funds and threatens "to do so further if unresolved." It also said the city's recent reforms and revenue measures will not successfully stabilize the financial situation.
Montgomery Mayor Todd Strange said the city's financial position is "a lot better" than it was a year ago and that officials will continue to work on the situation.
