Moody's Investors Service said it has downgraded to A3 from Aa3 the underlying general obligation rating of Holly Area School District, Mich.

The district's general obligation unlimited tax debt is secured by the district's unlimited tax pledge as authorized by voters. The district has a total of $58.4 million of general obligation unlimited tax debt; the A3 rating applies to $29.5 million of outstanding general obligation unlimited tax debt.

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