Moody's Investors Service said it has downgraded the borough of Glen Rock, N.J.'s general obligation rating to A1 from Aa3.

Concurrently, Moody's assigns an A1 rating to the borough's $9.5 million 2014 general improvement bonds. The bonds are backed by the borough's general obligation unlimited tax pledge. The proceeds will permanently finance approximately $9.4 million of outstanding bond anticipation notes and will fund $88,000 of various capital projects.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.