Moody’s Friday placed the B1 issuer rating and B2 general obligation limited tax debt rating of Pontiac School District, Mich. on review for possible downgrade after saying the district missed a debt payment scheduled for May 1.

Also last week, the state treasurer announced it is reviewing a preliminary report that says probable fiscal stress exists at the district. If the state board agrees with the report, it could appoint a financial review team to examine the district’s books, often the first step toward appointment of an emergency manager.

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