Moody's Investors Service said it downgraded the borough of Haddon Heights, N.J.'s rating to Aa3 from Aa2, affecting $3.3 million of total outstanding general obligation debt.

The bonds are secured by the borough's unlimited property tax pledge.

The downgrade reflects the borough's narrowed financial position due to reliance on current fund drawdown's since fiscal 2008. The rating also incorporates the modestly-sized stable tax base located near Philadelphia characterized by above average resident wealth indices, and modest debt burden.

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