Moody's Investors Service said it has downgraded to A2 from A1 the rating on the $2.3 million in outstanding unlimited tax general obligation bonds of Turtle Lake School District, Wis.

The downgrade reflects the recent declines in the district's already modestly sized tax base, and the district's very narrow cash position, including a negative cash position in the general fund in fiscal 2011.

The A2 rating also incorporates the district's healthy GAAP-basis general fund reserves of 21.5% of revenues, its low debt burden, and healthy full value per capita.

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