Moody's Investors Service said it has downgraded to Ba1 from Baa3 the city of Crockett, Texas's, tax and waterworks and sewer system surplus revenue certificates of obligation Series 2004, affecting $475,000 outstanding debt.

The certificates are secured by a continuing and direct annual ad valorem tax, levied against all taxable property in the city, and are additionally secured by a junior and subordinate pledge of the net revenues of the city's combined waterworks and sewer system.

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