New York, January 08, 2015 -- Moody's Investors Service has corrected the rating of the Wanaque Valley Sewerage Authority, NJ's Sewer Revenue Bonds to A2 from A1, affecting $4.2 million of rated debt. The Authority's debt is ultimately secured by the GO pledge of the borough of Wanaque, via a service agreement, and thus the Authority should carry the same rating as the borough of Wanaque. However, on November 23, 2011, the borough of Wanaque's GO rating was downgraded to A2 from A1, but the rating on the Authority remained at A1.
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