Tolles Career/Tech Center, Ohio, Downgraded to Aa1 by Moody's

Moody's Investors Service said it has completed its review and downgraded to Aa1 from Aaa the general obligation unlimited tax debt of Tolles Career and Technical Center, Ohio.

The Aa1 rating applies to $4.2 million of outstanding general obligation debt.

The district's outstanding general obligation debt (various purpose bonds, Series 2007) is secured by a dedicated property tax levy unlimited as to rate or amount.

The downgrade to the Aa1 rating reflects the district's exposure to two statewide multi-employer cost-sharing pension plans; the district's sizeable tax base; strong financial operations characterized by robust reserves; conservative management team; and minimal debt burden.

The district's rating was placed on review due to its large net pension liability relative to its rating category.

The review was completed with the downgrade to Aa1 and Moody's believes the current Aa1 rating incorporates the district's sizeable adjusted net pension liability as well as the district's other long-term credit fundamentals.

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