Moody's Investors Services said it has downgraded to A2 from A1 the rating on the Schenectady City School District, N.Y.'s $73.8 million outstanding general obligation debt.

The debt is secured by a general obligation pledge of ad valorum taxes as limited by the Property Tax Cap - Legislation (Chapter 97 (Part A) of the Laws of the State of New York, 2011).

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