Moody's cuts North Forest I.S.D., Texas, to Baa2

Moody's Investors Service said it downgraded to Baa2 from Ba1 the rating on North Forest Independent School District, Texas, affecting $69 million of outstanding G.O. debt.

Moody's said the downgrade reflects its concerns that the district's recent efforts to curb spending might not be sufficient to restore the level of financial flexibility necessary for an investment-grade rating.

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