Moody’s Investors Service downgraded to Aa3 from Aa2 Wyoming, Mich.’s sewage disposal revenue bonds, as the city prepares to come to market with a $3.1 million refunding for savings.

Moody’s also downgraded to Aa3 from Aa2 the city’s outstanding revenue debt secured by a first lien on sewer system revenues, affecting $43 million of debt.

Analysts attributed the downgrade to declining liquidity, increased debt, and customer concentration, with the 10 largest users making up just under 50% of the system’s 2011 billings.

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