Moody's Investors Service said it has downgraded to Aa3 from Aa2 the underlying rating on Gull Lake Community School, Mich.'s general obligation pledge.

The outlook on the district has been revised to stable. The Aa3 rating with stable outlook has been assigned to the district's $5.2 million general obligation refunding bonds, Series 2013A and $9.8 million general obligation refunding bonds, Series 2013B.

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