Moody’s Investors Service has lowered the Duluth, Minn., Independent School District No. 709’s underlying general obligation rating to Baa1 from A1 ahead of its upcoming new-money debt issuance. The agency also assigned a negative outlook to the credit.

The district is preparing to issue $12.8 million of full-term capital appreciation certificates of participation rated Baa1 and $6.3 million of COPs that are subject to appropriation and rated Baa2.

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