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Orono finance committee reports Moody's downgrade to Aa3 tied to fund-balance levels; board outlines plan to rebuild reserves
Summary
The board's finance and facilities committee reported a recent Moody's downgrade from Aa2 to Aa3 attributed to lower fund reserves that fell during COVID. Committee members said the change will have a modest effect on interest costs and outlined steps to restore reserves.
The Orono Public School District's finance and facilities committee told the board Dec. 9 that Moody's Investor Service downgraded the district's rating from Aa2 to Aa3, citing lower fund reserves.
"We did get downgraded recently from a Aa2 to a Aa3," the finance committee chair reported, adding the downgrade was tied…
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