Moody's Investors Service said it has downgraded the Township of Belleville, N.J.'s rating to Baa2 from Baa1. The move affects $24.6 million in outstanding general obligation debt, secured by the township's unlimited-tax general obligation pledge.

According to the rating report, the downgrade reflects a material decline in the township's financial position in fiscal 2007 that remained at similarly narrow levels in fiscal 2008. Belleville's fiscal year ends Dec. 31.

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