Moody's Investors Service said it has downgraded Roseville Independent School District 623, Minn.'s general obligation rating to A3 from A1.
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As of February 2015, the district had $39.5M of Moody's rated GO debt. Stable outlook has been removed.
The A3 underlying GO rating reflects the district's large tax base with above-average income indices located 10 miles northwest of St. Paul (Aa1 Stable); steady enrollment; extremely narrow financial position that necessitates cash flow borrowing and management's unwillingness to adjust operating expenses accordingly and grow the fund balance; low debt burden; and average pension burden.
