New York, February 19, 2015 -- Moody's is correcting the rating on the Wanaque Borough Sewerage Authority (NJ), Sewer Revenue Bonds (Series of 2008 A) and Sewer Revenue Refunding Bonds (Series 2008 B) to A2 from A1. The Sewage Authority was taken over by the Borough of Wanaque, and thus these bonds are obligations of the Borough. Accordingly, the rating on these bonds should have been downgraded on November 23, 2011 along with the rest of the Borough's debt. Due to an internal administrative error, Moody's did not downgrade the rating on these bonds at that time.

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