Moody's Investors Service said it has downgraded to A2 from A1 the underlying rating on Wayland Union School District, Mich.'s general obligation unlimited tax debt.
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The school district has $34.6 million of rated GOULT debt outstanding.
The A2 rating reflects the district's consecutive operating deficits that have resulted in narrowing reserves and liquidity, above average debt burden with limited plans for future borrowing, and moderately-sized residential tax base located in western Michigan.
