Moody’s Investors Service last week downgraded its rating to Ba3 from Ba1 on Ypsilanti Public Schools general obligation bonds, warning that the troubled Michigan district may face a so-called payless payday this year.

The rating agency retained its negative outlook at the lower rating. Moody’s lowered its rating to Ba1 from Baa2 last April affecting $59.7 million of outstanding GO bonds.

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