Moody's Investors Service said it has downgraded to Aa3 from Aa2 the rating on Clarkston Community Schools, Mich.'s general obligation debt.

Moody's also assigns Aa3 underlying rating and Aa2 enhanced rating with stable outlook to the district's $35.2 million refunding bonds, 2012 (GOULT). The Aa3 rating affects approximately $160.8 million of outstanding debt secured by the district's general obligation unlimited tax pledge.

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