CHICAGO - Moody's Investors Service on Friday lowered the ratings of two of five Wisconsin school districts that last year were placed on watch for a possible downgrade over their financial exposures from an investment scheme involving collateralized debt obligations and a credit default swap.

The rating agency removed all five northeast Wisconsin districts from the negative watch list after downgrading two - West Allis/West Milwaukee School District and Waukesha School District - and affirming the credits of the other three.

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