Moody's Investors Service has downgraded Douglasville-Douglas County Water and Sewer Authority, Ga.'s revenue bonds to Aa3 from Aa2, affecting $151.7 million of outstanding debt.
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The bonds are secured by a prior lien and pledge of net revenues of the authority's water, sewer, and stormwater system.
The downgrade to Aa3 reflects relatively weak reserve position relative to its peers, declining consumption, and somewhat weak legal provisions.
The rating also incorporates the system's large size, sufficient capacity, long term planning, and satisfactory coverage.
