DALLAS — Both Moody’s Investors Service and Standard & Poor’s downgraded their underlying ratings on the Dallas Independent School District, as the beleaguered system gets set to bring a refunding issue to market.

Moody’s lowered its rating on DISD’s $1.7 billion of debt outstanding to A1 from Aa3, citing “ongoing concerns regarding the reduction in financial flexibility that is a product of structurally unbalanced budgets, as well as the district’s financial reporting shortcomings.”

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.