Moody's Investors Service said it has downgraded to Aa3 from Aa2 the ratings on Highline School District No. 401 (King County), Wash.'s parity debt, and assigned an underlying rating of Aa3 to the district's unlimited tax general obligation (UTGO) refunding bonds, 2012B.

The bond proceeds will refund certain maturities of the district's outstanding 2004 and 2006 UTGO bonds.

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