22.08.2016 18:33:00
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EAST ORANGE SCHOOL DISTRICT, NJ -- Moody's Downgrades East Orange School District, NJ's Issuer Rating to A3; Assigns Negative Outlook
New York, August 22, 2016 -- Summary Rating RationaleMoody's Investors Service has downgraded East Orange School District, NJ's long-term Issuer Rating to A3 from A2. The Issuer Rating reflect's Moody's assessment of the district's implied unlimited general obligation pledge; no debt is currently outstanding with this security. Concurrently, Moody's has assigned a negative outlook.The downgrade to A3 reflects the district's moderately sized but deteriorating tax base, unbalanced operations with a trend of declining reserves, and elevated debt and pension burdens.