Moody’s Investors Service stripped the long-struggling East St. Louis, Ill., school district of its investment-grade rating as savings expected under a restructuring plan to fully materialize leaving the district with an operating deficit this year. The district is under state oversight

The rating on the district — formally known as St. Clair County School District #189 — was lowered three notches to Ba1 from Baa1, the lowest investment-grade level, and put on review for a further downgrade.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.