Dubuque, Iowa, Waters Cut to Aa3 by Moody’s

NEW YORK - Moody's Investors Service has downgraded to Aa3 from Aa2 the rating on the city of Dubuque, Iowa, water enterprise senior lien revenue bonds secured by the net revenues of the city's water enterprise system, affecting $6.8M in outstanding Moody's rated debt.

The bonds are secured solely by revenues from the city's water system.

The downgrade to the Aa3 rating reflects decreasing senior lien debt service coverage levels, city officials' consistent implementation of rate increases, moderate cash position, and a stable customer base within the city.

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