Moody's Investors Service said it has downgraded to A1 from Aa3 the underlying rating on Goodrich Area Schools, Mich.'s general obligation bonds.

The debt is secured by an unlimited tax pledge of the district. The district has $25 million of rated general obligation unlimited tax debt outstanding. An additional $23.4 million of unrated general obligation debt is also outstanding. Concurrently, Moody's has assigned a negative outlook.

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