Moody's Investors Service said it has upgraded the Borough of Paramus, N.J., to Aa1 from Aa2 and assigned a Aa1 to its $5.1 million general obligation refunding bonds, Series 2013.

The sale consists of $4.5 million general improvement refunding bonds and $620,000 golf course utility refunding bonds, Series 2013. The bonds are backed by the borough's general obligation unlimited tax pledge and will refund the borough's Series 1999 and 2005 bonds for a net present value savings of approximately 6% of refunded par without extension of the final maturity.

The Aa1 rating reflects the borough's substantial tax base with strong wealth and a significant commercial presence, strong financial operations and low debt burden.

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