Moody's Investors Service said it has downgraded to Baa2 from Baa1 the city of Paterson, N.J., and assigns Baa2 underlying and A1 enhanced rating in conjunction with $11.6 million general obligation refunding bonds, 2013, consisting of $7.9 million general improvement refunding bonds and $3.7 million pension refunding bonds (taxable).

The underlying Baa2 rating applies to $41.9 million of currently outstanding general obligation debt.

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