Moody's Investors Service said it has downgraded to A1 from Aa3 the revenue rating on the village of Waunakee, Wis.'s outstanding sewer revenue debt.

Moody's has also assigned an A1 rating to the village's $2.4 million sewerage system revenue bonds, Series 2013B. Post-sale the village will have $2.5 million of outstanding sewer revenue debt.

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