Moody's cuts Maryville, Tenn., tax bonds, parity debt to A2

Moody's Investors Service said it downgraded to A2 from A1 the rating on the City of Maryville, Tenn.'s $38.6 million water and sewer revenue tax bonds, series 2008 A & B.

Moody's also said it downgraded to A2 about $98.07 million in previously issued parity debt. The bonds are payable primarily from net revenues derived from the operation of the system, Fitch said. In the event of a deficiency, the bonds are payable from unlimited ad valorem taxes.

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