Moody's Investors Service downgraded to A3 from A1 the borough of Maywood, N.J.'s $8.9 million of outstanding debt secured by a general obligation unlimited-tax pledge.

The downgrade reflects the borough's narrowed financial position that is expected to remain challenged in the near term. The rating also reflects a modest $1.7 billion tax base, above-average wealth levels, and low debt burden.

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