NEW YORK - Moody's Investors Service said it has placed the A1 rating of the Altoona Water Authority, Pa., under review for downgrade.

The authority's $42 million of rated debt is secured by its pledge of net revenues of its water system.

The review reflects the commonwealth of Pennsylvania's recent declaration of the city of Altoona as a distressed municipality under Act 47, Pennsylvania's statutory program for assisting distressed local governments.

Moody's expects to conclude its review of the authority's rating within 90 days.

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