Fenton Area Public Schools, Mich., Downgraded to A3 by Moody's

Moody's Investors Service said it has downgraded to A3 from A1 the rating on Fenton Area Public Schools, Mich.'s general obligation unlimited tax debt.

A negative outlook has been assigned. The A3 rating and negative outlook applies to $20.6M of rated GOULT debt.

The A3 rating reflects the district's recent operating deficits resulting in a narrow fund position, elevated debt burden and increased cash flow borrowing. Also included in the rating is the district's moderately sized tax base with recent growth.

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