Moody's affirms Michigan's Ypsilanti School District rating at Ba3
Aug 19 (Reuters) - Moody's Investors Service on Monday said it had affirmed the Ba3 general obligation unlimited tax rating on Michigan's Ypsilanti School District and "removed" the negative outlook on the district's rating.
Moody's said the negative outlook had been ended despite a possibility of continuing operational pressures, because the district's financial profile will likely improve after a recent sale of bonds.
In addition, the retirement of an outstanding cash flow note obligation has eliminated the district's accumulated deficit fund balance, according to a Moody's statement that said its rating covered just under $60 million of the district's GO unlimited tax debt of $76.6 million.
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