Moody’s Investors Service downgraded to A2 from A1 its rating on Maplewood’s multifamily housing revenue bonds for the Maple Ridge Apartments project, following a review of projected cash flows. The action affects $3 million of debt issued in 1996.

“The downgrade is based on the expectation that if investment earnings continue to be low, there could be shortfalls in revenue needed to cover debt service beginning in six years,” Moody’s wrote.

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