Moody’s Investors Service Friday said it has downgraded its rating on Wisconsin’s Waukesha School District general obligation bonds to A1 from Aa3 and revised the outlook to negative.

The rating has been removed from watch list for possible downgrade.

The A1 rating is based on the district’s relatively strong credit profile, which is characterized by a large, wealthy tax base, limited debt, and below-average financial profile.

The rating also incorporates the district jeopardizing its operating budget by tying its moral obligation pledge to the performance of high risk investments.

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