Moody's Investors Service said it has downgraded to A2 the rating on Bloomingdale, N.J.'s general obligation bonds, affecting $7.1 million in parity debt obligations.

The bonds are secured by the borough's general obligation unlimited tax pledge.

The downgrade to A2 reflects Bloomingdale's very narrow financial position following draws on Current Fund balance in three of the last four years and a recent decline in cash.

The rating also incorporates a moderately-sized tax base, above average wealth and income levels, and an average debt burden.

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