NEW YORK - Moody's Investors Service said it has downgraded to A2 from A1 and assigned a negative outlook to the Ticonderoga Central School District, N.Y.'s general obligation debt outstanding. The rating downgrade and outlook affect $26.9 million in outstanding debt secured by the district's unlimited tax pledge.
The downgrade to A2 reflects the district's declining financial position and weak liquidity. The rating also factors the districts moderately sized tax base with below average wealth indicators, and manageable debt burden.
The negative outlook reflects the expectation that management will be challenged to restore structurally balanced operations and financial flexibility may decline further.