Moody’s Investors Service assigned a Aa1 to the Montgomery, Ala., Waterworks and Sanitary Sewer Board’s $35.6 million of water and sewer system revenue refunding bonds, Series 2012, and upgraded the rating on $69.8 million of outstanding parity debt to Aa1 from Aa2.

The bonds are secured by a senior lien on net revenues of the water and sewer system.

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