Moody's Investors Service has downgraded to Aa3 from Aa2 the underlying rating on Jonathan Alder Local School District's (OH) general obligation unlimited tax rating.

The downgrade affects approximately $21.8 million of debt secured by the district's general obligation unlimited tax pledge.

The downgrade to Aa3 reflects the district's weakened General Fund reserve levels after three consecutive years of deficit operations.

The Aa3 also incorporates the district's modestly-sized rural and agricultural tax base that has experienced limited growth, socioeconomic indices that trend slightly above state and national medians, and moderate debt burdens.

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