CHICAGO — Moody’s Investors Service placed on negative watch five Wisconsin school districts involved in a risky investment to help fund their other post-employment benefits. The move follows Depfa Bank Plc’s decision last month to demand repayment of notes issued to fund the investment.

Depfa last month called on the districts to make good on their moral obligation pledge to repay the notes. The bank also seized the meager $5.3 million that remained in the trusts established by the schools.

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