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Moody’s Lowers Suburban Cincinnati School

Moody’s Investors Service last week downgraded to A1 from Aa3 its rating on Ohio’s West Clermont Local School District and retained its negative outlook on the suburban Cincinnati district.

The district has $36.5 million of outstanding Moody’s-rated debt, including a $4 million refunding borrowing set to price next week.

The downgrade reflects the district’s narrowing general fund cash-reserve levels and limited budgetary flexibility, the agency said in a news release.

“The outlook on the district is negative, reflecting our belief that the district will be greatly challenged to achieve positive year-end cash  balances in fiscal 2014 and going forward, absent additional local  revenues,” Moody’s said.

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