Moody's Investors Service said it has downgraded to Aa3 from Aa2 the rating on Niskayuna Central School District, N.Y.'s general obligation debt.
The Aa3 rating applies to $84.4 million of outstanding rated general obligation debt; the district has $8.9 million in outstanding debt not rated by Moody's.
The bonds are secured by the district's general obligation unlimited tax pledge.
The downgrade reflects the district's recently narrowed reserve levels with the expectation that these levels will be maintained over the near term. Additionally, the downgrade considers the district's smaller tax base combined with an above-average debt burden that remains elevated despite building aid support.
