NEW YORK - Moody's Investors Service said it has downgraded the Manheim Township School District, Pa.'s long term general obligation rating to Aa3 from Aa2.

The downgrade affects $84.4 million in outstanding general obligation unlimited tax debt and $30.9 million in outstanding general obligation limited tax debt.

The downgrade to Aa3 reflects the district's narrowing financial position as a result of two years of operating deficits. The Aa3 rating also reflects the district's moderately sized tax base with solid wealth levels and above average debt burden with variable rate exposure.

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