Moody's Investor's Service last week lowered Whitefish Bay School District one notch to Aa3 and assigned a stable outlook following the district board's decision to renege on its moral obligation pledge to repay asset-backed notes issued by its non-pension retiree health care trust.

Whitefish is the fourth district to be downgraded by Moody's after its board decided not to appropriate repayment of the notes in its preliminary 2011 budget. Final budgets will be approved this fall.

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