New York, October 19, 2016 -- Moody's Investors Service has downgraded to Aa2 from Aa1 the long-term rating and affirmed the VMIG 1 short-term rating of the letter of credit backed Pittsburgh Water and Sewer Authority (the Authority) Variable Rate Demand Water and Sewer System First Lien Revenue Refunding Bonds, Series B-2 of 2008 (the Bonds) in connection with the substitution of the existing letter of credit from Royal Bank Canada with the substitute letter of credit (LOC) provided by PNC Bank, N.A. (the Bank).

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