Moody's Investors Service said it has downgraded to A2 from A1 Canyon County School District 132 (Caldwell), Idaho's underlying general obligation debt rating (Idaho State Bond Guaranty and Credit Enhancement Programs), affecting $37.3 million in rated debt.
Moody's maintains a Aaa enhanced rating on the district's rated general obligation debt provided by a guarantee of the Idaho School Bond Guaranty Program.
The downgrade primarily reflects the district's narrow financial reserves, moderately sized tax base which has decline significantly in recent years and is somewhat concentrated, and below average socio-economic indicators. The rating also incorporates the district's modest debt burden with rapid amortization.
