Moody's Investors Service has assigned a MIG 1 rating to Broward County School District, Fla.'s sale of $125 million tax anticipation notes, Series 2013, and downgraded the school district's issuer rating to Aa3 from Aa2, and the Broward County School Board's rating to A1 from Aa3 on $1.7 billion of COPs; both long-term rating outlooks were revised to stable from negative.

The notes, dated October 24, 2013, (estimated date of delivery) and due January 30, 2014, are secured by a pledge of the district's operating ad valorem taxes levied and collected in fiscal 2013-2014. Notes are additionally payable from, but not secured by, legally-available non-ad-valorem funds.

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