Moody’s Investors Service last week dropped to Ba2 from Baa3 $150 million of debt that was used to develop the Jersey Gardens Mall in northeastern New Jersey.

Moody’s changed the rating on Series 1998B and Series 2002 Kapkowski Road landfill reclamation improvement district project bonds to non-investment grade because of weak liquidity support and no debt-service reserve funds. The debt includes tax-exempt and taxable bonds along with bonds subject to the alternative minimum tax.

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