DALLAS — Moody's Investors Service has downgraded the Midwest Del City School District to Aa3 from Aa2 and retained a negative outlook, citing a "substantial reduction in reserves."

The downgrade came ahead of a $13.7 million issue of general obligation bonds that priced Dec. 9, earning yields of 1.75% on 2% coupons maturing in 2019. Hutchinson, Shockey, Erley & Co. won the competitive bid.

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