Moody's Investors Service said it has downgraded to A1 from Aa3 the rating on Oxnard School District (Ventura County), Calif., general obligation bond rating, affecting $25.5 million of outstanding rated debt.
The bonds are secured by the district's unlimited property tax pledge.
The A1 rating reflects the district's sizable yet declining tax base, below average resident wealth levels, and moderate yet manageable debt burden with an average debt payout rate.
The downgrade also incorporates the district's persistently stressed liquidity and structurally imbalanced operations projected through the near-term.
