UTICA, N.Y. (WKTV) - Moody's Investors have downgraded the City of Utica's bond rating. The rating will affect the roughly $47 million in outstanding rated debt of the city, and Moody's states the outlook for the city "remains negative." According to Moody's, the downgrade from a Baa1 to a Baa2 reflects the city's rapidly draining cash and thin reserves. City Comptroller Michael Cerminaro says Moody's is using year-old data and that the report focuses on the 2011-2012 fiscal year, before payroll cuts were made and other steps taken.