Moody's Investors Service said it has downgraded to A1 from Aa3 the rating on Maple School District, Wis.'s $35.2 million of outstanding general obligation unlimited tax debt.

The downgrade to A1 reflects the district's small tax base and trend of declining valuations, high debt burden, and negative net cash position in the general fund at the close of each of the past two fiscal years. The rating also takes into account the district's satisfactory, though somewhat weakened, GAAP-basis general fund balance, average resident income levels, and relatively stable enrollment trends.

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