Moody's Investors Service said it has downgraded to Aa3 from Aa2 the Borough of Glen Rock, N.J.'s general obligation rating, affecting $5.7 million of outstanding rated debt.

 Concurrently, Moody's downgrades to Aa3 from Aa2 the Glen Rock Senior Citizen Housing Corporation's bonds with $2.8 million debt outstanding. The bonds are first secured by revenues of the corporation but are ultimately secured by Glen Rock's general obligation unlimited tax pledge through a standby assistance agreement, upon which the rating is based.

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