North Jay Water District, Maine, Downgraded to Baa2 by Moody's

Moody's Investors Service said it has downgraded the North Jay Water District, Maine's outstanding revenue bonds to Baa2 from Baa1, affecting approximately $389,000 in debt.

The bonds are secured by the system's operating revenues.

The downgrade to Baa2 reflects the district's weak bondholder security; challenged financial position evidenced by narrow debt service coverage; and highly leveraged debt. The rating also incorporates the district's small but stable customer base.

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