Moody's Investors Service said it has downgraded to A1 from Aa3 the underlying rating on Maple Lake Independent School District No. 881, Minn.'s outstanding general obligation debt.

Concurrently, Moody's has assigned an initial A2 rating to the district's $640,000 certificates of participation, Series 2012A. Post-sale, the district will have $14.4 million of general obligation debt, of which $14.1 million is Moody's-rated, and $640,000 of certificates of participation outstanding.

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