Moody's Investors Service said it has downgraded to Baa1 from A2 the underlying rating on Leslie Public Schools, Mich.'s general obligation unlimited tax debt.
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The district has $9.3 million of rated GOULT debt outstanding.
The Baa1 underlying rating reflects the district's significant operating deficits that have resulted in a rapidly deteriorating financial position.
Also incorporated in the rating is the district's moderately sized tax base, limited revenue raising flexibility, manageable debt burden with above average amortization, and exposure to underfunded pension liabilities of a cost-sharing retirement system.
