MOODY'S DOWNGRADES COLES ET AL COUNTIES SCHOOL DISTRICT 2 (MATTOON'S), IL GOULT BONDS TO Baa1 FROM A2 AND GOLT DEBT CERTIFICATES TO Baa2 FROM A3

Posted on: December 14, 2009, 5:46 pm

NEW YORK, Dec 14, 2009 -- Moody's Investors Service has downgraded Coles, Cumberland, Moultrie, and Shelby Counties School District 2 (Mattoon), Illinois $15.1 million outstanding general obligation unlimited tax debt to Baa1 from A2 and $3.5 million outstanding general obligation limited tax debt certificates to Baa2 from A3. The rating distinction between the district's general obligation unlimited tax bonds and general obligation debt certificates reflects the weaker security of the certificates, which do not benefit from a dedicated property tax levy. The downgrade to the Baa1 and Baa2 ratings reflects the district's modestly sized tax base located in east-central Illinois (GO rated A2/negative outlook); pressured financial operations that have deteriorated considerably leading to a negative General Fund balance; and manageable debt profile with aggressive amortization of principal and no immediate borrowing plans...

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