Moody's Investors Service said it has downgraded Rutgers, the State University of New Jersey's general obligation and parity long-term debt to Aa3 from Aa2 and removed the ratings from review for possible downgrade.

Moody's also assigned a Aa3 rating to $878 million of Series 2013 general obligation bonds. The rating action affects $1.7 billion of pro-forma rated debt.

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