Moody's Investors Service said it has downgraded to Aa3 from Aa2 the rating on Willoughby-Eastlake City School District, Ohio's long term issuer rating, $8.6 million of general obligation limited tax debt outstanding, and $7.7 million long term tax anticipation notes outstanding.

Concurrently, Moody's downgraded to A1 from Aa3 the rating on the district's $14 million outstanding certificates of participation as well as assigned an A1 rating to the current issue. The certificates of participation, Series 2013, the current issue, are secured by certain base rental payments to be made by the district and will be used to finance various school facility upgrades and renovations. Post-sale, the district will have $8.6 million of outstanding general obligation limited tax debt, $7.7 million of tax anticipation notes outstanding, and $20.7 million of lease revenue debt outstanding.

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