Moody's Investors Service said it has downgraded to Aa3 from Aa2 the underlying rating to the city of Lake Jackson, Texas's $1.4 million water and sewer revenue bonds., and assigned a Aa3 rating to $2.0 million waterworks and sewer system revenue bonds, Series 2013.

Proceeds from the bonds and certificates will be used for improvements and extensions of the city's waterworks and sanitary sewer systems.

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