Moody's corrects the enhanced rating on Canandaigua City School District's (NY) School District (Serial) Bonds to A1 from Aa3; enhanced rating is on review direction uncertain

Posted on: April 12, 2013, 6:33 pm

NEW YORK, April 12, 2013 --Moody's Investors Service has corrected the rating on the Canandaigua City School District's (NY) School District (Serial) Bonds to A1 from Aa3 and placed the rating on review, direction uncertain. The underlying rating of Aa3 is correct and remains unchanged. Due to an internal administrative error, on September 20, 2010, a Aa3 enhanced rating was incorrectly assigned to the bonds, The rating of the bonds should be based on the post-default security provisions of the state's 99-B program, which authorizes the state to withhold future allotments of state aid in order to make bond payments in the event of default by the school district...

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