NEW YORK - Moody's Investors Service said it has downgraded the borough of Woodcliff Lake, N.J.'s long-term rating to Aa1 from Aaa, affecting $6.8 million of outstanding long-term general obligation debt.

The bonds are secured by the borough's unlimited property tax pledge.

The downgrade reflects the borough's narrowing financial position and practice of current fund drawdowns over the last four fiscal years. The Aa1 rating also incorporates the borough's moderately sized tax base, high wealth levels, and low direct debt burden.

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