Moody's Investors Service said it has downgraded to A1 from Aa3 the rating on Dodge County School District 1 (Fremont), Neb.'s outstanding general obligation debt.
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The bonds are secured by the general obligation unlimited tax pledge of the district.
The A1 rating applies to $1.91 million of rated debt. The district has a total of $43.445 million in outstanding bonds.
The A1 rating reflects the district's consecutive years of deficit spending with limited liquidity; narrower though satisfactory reserve levels; a moderate, but growing tax base that benefits from proximity to Omaha, Neb.; and an elevated debt burden with slow amortization.
