Moody's Investors Service has downgraded to A2 from A1 the underlying rating and assigned an A2 enhanced rating with a stable outlook to Niagara-Wheatfield Central School District, N.Y.'s $7.7 million general obligation school district refunding bonds, 2012.

The bonds are secured by the district's general obligation unlimited tax pledge. Concurrently, Moody's has downgraded to A2 from A1 the underlying rating on the district's $39.6 million in outstanding parity debt and revised the outlook to negative.

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