Moody's Investors Service said it has downgraded Grundy County School District 54's (Morris, Ill.) general obligation rating to A2 from A1 and assigned a negative outlook.

Concurrently, Moody's assigns an A2 rating to the district's $1.9 million general obligation school bonds, Series 2013. The A2 rating and negative outlook apply to $21.9 million of post-sale general obligation debt.

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