Moody's Investors Service said it has downgraded to Aa2 from Aa1 the Washington and Multnomah Counties School District No. 48J (Beaverton), Oregon's general obligation bond rating in conjunction with the anticipated sale of its general obligation refunding bonds, Series 2012A (federally taxable) and general obligation refunding bonds, Series 2012B (tax-exempt) in the aggregate amount of $161.3 million.

At this time, Moody's also has downgraded to Aa2 the district's outstanding parity general obligation debt totaling an additional $179.1 million, as well as downgraded to Aa3 from Aa2 the rating on the district's $21.0 million of full faith and credit (limited tax GO) bonds.

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