Moody's Investors Service said it has downgraded to A1 from Aa3 the underlying rating on West Seneca Central School District, N.Y.'s $29.8 million in outstanding general obligation debt.

The district's debt is secured by an unlimited tax pledge.

The downgrade to A1 reflects the district's narrowed financial position and expectation of continued drawdowns through fiscal 2014.

The rating also incorporates the district's moderately sized stable tax base and affordable debt position.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.