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Paterson, N.J., Downgraded to Baa2 by Moody's

Moody's Investors Service said it has downgraded to Baa2 from Baa1 the city of Paterson, N.J., and assigns Baa2 underlying and A1 enhanced rating in conjunction with $11.6 million general obligation refunding bonds, 2013, consisting of $7.9 million general improvement refunding bonds and $3.7 million pension refunding bonds (taxable).

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