Moody's Investors Service said it has downgraded the underlying rating on Almont Community Schools, Mich.'s outstanding general obligation unlimited tax debt to A2 from A1.
The A2 underlying rating applies to $7.6 million of outstanding general obligation debt.
The district's rated debt is secured by the district's general obligation unlimited tax pledge, as authorized by voters. The district has a total of $34.4 million of debt outstanding. The negative outlook has been removed.
The downgrade to A2 reflects the district's narrowed reserve position, high debt burden with below average principal retirement, above average wealth levels, and limited revenue raising ability tied to enrollment.
