Map of Berks County, Pennsylvania, United States Public School Districts (Photo credit: Wikipedia)
The Reading School District has faced some major financial challenges lately, and it’s not going unnoticed.
Citing budget struggles and a $15 million accounting mistake discovered last year, Moody’s Investors Service, a major credit-rating firm, has lowered two district bond ratings by two levels.
Moody’s announced last week the district’s underlying general obligation rating was lowered to Baa2 from A3, and its enhanced rating was lowered to A3 from A1.
The outlook for both ratings, a release from Moody’s says, is negative.
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