Moody's Investors Service said it has downgraded to Baa3 from A1 the rating on the Spencer-East Brookfield Regional School District, Mass.'s $4.35 million long-term general obligation debt and placed it under review for downgrade.

The outstanding debt is secured by a general obligation of the district; however debt service is expected to be paid from assessments to the member towns of Spencer (GOs rated Aa3) and East Brookfield.

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