NEW YORK - Moody's Investors Service said it has downgraded to A1 from Aa2, the underlying rating for Riverview Community School District, Mich.'s $9.6 million outstanding general obligation unlimited tax debt.
The downgrade to the A1 rating from Aa2, reflects the district's narrowing financial position primarily driven by utilization of reserves to balance significant budget shortfalls coupled with increasing expenditures related to employee pensions and health care.
The district's strained financial operations were further challenged in the current year following a cut in state funding.
