I didn't figure out the exact conversion, but there is one other thing about the Cloak of Sewers: your Armor Class can change while in your alternate forms.
Starting with a human with a -6 AC, I shifted to -5 in Mustard Jelly form, -1 AC in Troll form, and a Limburger-esqe 7 AC in rat form. If you are banking on super resistance as the rat to save you hide, ok, but expect to get hit a lot while crawling around on the floor.
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