Moody's Investors Service said it has downgraded to A3 from Aa3 the general obligation rating of Saline Area Schools, Mich.
The district has $101 million of GO debt, of which $8.3 million is Moody's rated.
The district's outstanding GO debt is secured by the district's unlimited tax pledge as authorized by voters. The downgrade to A3 reflects a multi-year trend of operating deficits resulting in narrow general fund reserves. Also incorporated into the A3 rating is the district's large tax base, affluent demographic profile, and above average debt burden.