Moody's Investors Service said it has downgraded to Aa3 from Aa2 the general obligation unlimited tax bond rating of Ada & Canyon Counties Joint School District No. 2 (Meridian), Idaho.
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Additionally, Moody's has downgraded the rating on the district's certificates of participation to A1 from Aa3. At this time, Moody's removes the stable outlook.
The underlying Aa3 general obligation bond rating reflects Meridian's large, diverse tax base, which is showing signs of rebound after three straight years of declines from 2010-2012; pressured general fund reserves stemming from two recorded and two expected future years of operational deficits; and a manageable debt profile.
