Moody's Investors Service said it has downgraded to Baa3 from Baa2 the underlying rating on Walnut Township Local School District, Ohio's outstanding general obligation unlimited tax and maintains the negative outlook.
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The Baa3 reflects the district's deteriorating financial position and the district's failure to gain voter support for a new operating levy or renewal of a previous levy. Additionally, the rating incorporates the district's weak election history, limited tax base, and high unfunded pension obligations.
