DALLAS - As it prepares to bring a refunding deal to market for the first time with its new finance team, the Dallas Independent School District had its credit downgraded by both Moody's Investors Service and Standard & Poor's last week.

The board of the second-largest school system in Texas will meet this week and finalize details of a $105.1 million issuance of general obligation bonds to refund Series 1999 bonds that may price as early as next week. Merrill Lynch & Co. is senior manager for the upcoming negotiated sale.

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