Moody’s Investors Service has downgraded the Columbus School District one notch to A1 ahead of its $1.5 million issue that will refund a Wisconsin state trust fund loan.
The action applies to $3.6 million of general obligation debt. The rating reflects the district’s proximity to moderately sized tax bases in Madison and Portage, its lean cash position, and manageable debt burden.
Its general fund balance improved in fiscal 2011, but it remains challenged by a declining year-end net cash position over the past several years due in part to shifts in the receipt of state aid and property tax revenues.
