Moody’s Investors Service cut the Camrosa Water District, Calif.’s water and sewer system revenue refunding bonds, Series 2001, to Baa1 from A2.

The downgrade primarily reflects the district’s weakened financial position and likely continued below-average debt service coverage levels. The rating also incorporates the district’s wealthy but concentrated customer base, and relatively weak legal covenants. The bonds are secured by the district’s senior pledge of net water and sewer revenues.

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