Fitch Ratings last week downgraded the Dayton City School District’s $230 million of outstanding general obligation debt to A-minus from A. The outlook is stable at the lower rating.

“The downgrade is based on financial deterioration; the weakening local economy, historically concentrated in automotive manufacturing; and continued student enrollment declines in the face of charter school competition,” analyst Melanie Shaker wrote in a release on the rating action.

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