Moody's Investors Service has downgraded its underlying rating on Illinois' Douglas and Champaign Counties Community Unit School District 301 two notches to Baa1 and assigned a negative outlook. The action affects $5.4 million of debt.

"The downgrade to the Baa1 rating reflects the district's severely weakened financial position following several years of general fund declines and regular use of reserves to support ongoing operations," analysts wrote.

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