Moody's Investors Service said it has downgraded to A2 from A1 the underlying rating on Woodmore Local School District, Ohio's outstanding general obligation unlimited tax debt.
Concurrently, Moody's has assigned a negative outlook. The bonds are secured by the district's authorization and pledge to levy a tax unlimited as to both rate and amount to pay debt service.
The downgrade to A2 from A1 reflects the district's limited tax base, elevated debt profile, high unfunded pension obligations, and sharply deteriorating financial position. The A2 rating also incorporates the district's healthy income indices and plans to improve its financial position.
