Moody's lowers New Jersey Housing and Mortgage bonds to A2

Moody's Investors Service said it downgraded the underlying rating to A2 from Aa3 on New Jersey Housing and Mortgage Finance Agency Capital Fund Program's $74 million of revenue bonds, 2004 series A.

The outlook on the bonds remains negative.

The bonds are rated Aaa based on the financial strength of Financial Security Assurance Inc., which provides insurance for them. The insurer is rated Aaa with a stable outlook.

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