NEW YORK - Moody's Investors Service said it has downgraded to A1 from Aa3, the underlying rating for Almont Community Schools, Mich.'s $28.3 million outstanding general obligation debt. The bonds are secured by the schools' unlimited general obligation pledge.

The downgrade of the general obligation debt to A1 from Aa3, reflects the district's narrowing financial position primarily driven by state funding cuts coupled with declining enrollment, which is expected to continue.

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