Moody's Investors Service said it has downgraded to A1 from Aa3 the rating on the general obligation debt of the Colton Joint Unified School District, Calif., and assigned an A1 rating to the district's 2013 general obligation refunding bonds.

The downgrade of the GO rating to A1 from Aa3 is due to the material erosion of the tax base over the last 4 years and the severe narrowing of the district's liquidity.

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