Moody's Investors Service said it has assigned an A1 rating to Michigan Technological University's $13.36 million general revenue and refunding bonds, Series 2013A, which will be issued by the Board of Control of Michigan Technological University, and downgraded the rating on outstanding bonds to A1 from Aa3 and revised the outlook to stable from negative.

The downgrade to A1 is driven by consistently unfavorable operations, weak cash flows, and thin balance sheet relative to rated peers, that are not expected to improve materially over at least the medium-term.

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