Moody's Investors Service downgraded the Little Thompson Water District's first-lien junior revenue bonds to Baa2 from Baa1, affecting $15.3 million of debt.

The Colorado utility has an additional $14.4 million of state loans, which Moody's does not rate, for total outstanding debt of $29.7 million. Bondholder security is provided by a junior pledge on net revenues of the water utility that is subordinate to the 2006 Colorado Water Resource and Power Development Authority loan and on parity with the 2004 and 2006 Colorado Water Conservation Board loans.

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