Moody's Investors Service said it has downgraded Josephine County Unit Joint School District (Three Rivers), Ore.'s general obligation bonds to A1 from Aa3.
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The rating action affects $15.0 million in Moody's rated debt. The bonds are secured by an unlimited property tax pledge of the district.
The downgrade reflects the district's narrow, albeit stable, financial position. The district has historically maintained limited general fund reserves; however, the district is being outpaced by similarly rated credits. The rating further incorporates the district's large and stabilizing tax base, manageable debt and pension burdens, and weak socioeconomic profile.
