Moody's Investors Service said it downgraded to A3 from A2 the rating on Rockford Public Schools, Mich.'s general obligation unlimited tax (GOULT) debt.
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Concurrently, Moody's has removed the negative outlook. The A3 rating applies to $68.6M of rated GOULT debt outstanding.
The A3 rating reflects the district's very narrow reserve position and high degree of leverage from both its debt and pension burdens. Also incorporated in the A3 rating are the district's large tax base near Grand Rapids (Aa2 Stable), above average socioeconomic profile and stable enrollment trend.
