Moody's Investors Service said it has downgraded to Baa1 from A3 the underlying rating on New Boston Local School District, Ohio's outstanding general obligation unlimited tax debt.
The Baa1 rating applies to $3.2M of rated GOULT debt.
The Baa1 rating reflects the district's small but appreciating tax base with a weak socioeconomic profile, elevated debt burden with slow principal amortization, adequate general fund reserves given the district's modest budget, and exposure to two poorly funded state pension plans.
