Moody's lowers Hamilton Township, N.J.

Moody's Investors Service said it downgraded the rating on $78.5 million of Hamilton Township (Mercer County), N.J.'s general obligation bonds to A2 from A1. All of these bonds are backed by the unlimited taxing power of the township.

Moody's said the downgrade reflects a persistent depressed financial condition with a current fund balance expected to be in the 2% to 3% range for fiscal 2007 and 2008. The A2 rating also captures the sizable $8 billion tax base with low relative equalized value per capita and a moderate debt position.

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