Moody's Investors Service said it has downgraded to Aa2 from Aa1 the rating on the Cincinnati City School District, Ohio's $66.8 million of outstanding Series 2005B general obligation limited tax bonds and affirmed the Aa2 rating on the district's $106.7 million of outstanding Series 2006 certificates of participation. The outlook for the district's rating remains stable.

Debt service on the Series 2005B bonds is secured by the district's general obligation limited tax pledge, which is subject to the state of Ohio's (general obligation rated Aa1/stable outlook) statutory ten mill limitation.

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