Moody’s – Read it and weep

It begins:

“Moody’s Investors Service downgrades Duluth Independent School District No. 709, MN’s underlying general obligation unlimited tax (GOULT) and full term certificates of participation (COP) ratings to Ba1 from Baa2. Moody’s also downgrades the district’s annual appropriation COPs rating to Ba2 from Baa3. Concurrently, Moody’s assigns Ba1 underlying GOULT ratings and Aa2 enhanced ratings to the district’s $3.6 million Taxable General Obligation Facilities Maintenance Bonds, Series 2017A and $615,000 Taxable General Obligation Capital Facilities Bonds, Series 2017B. Following the sale, the district will have $51 million in general obligation (GO) bonds, $147 million in full term COPs, and $33 million in annual appropriation COPs. The outlook on the underlying ratings is negative.”

The Editorial Board of the Duluth News Tribune has, like the DFL, generally approved of most of the last decade’s Red Plan School Board majority. Its funny, but they don’t get a mention in the Moody’s report.

Read it all and weep.

And remember. There is one more shoe to drop.