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Credit ratings agency Moody’s has downgraded the San Diego Unified School District’s credit rating one notch, a move that could affect the district’s cost of borrowing money.

I’m working right now to figure out how much of an impact the downgrade would have on the district. Here’s the release from Moody’s. As I reported a few weeks ago, San Diego Unified borrows hundreds of millions of dollars a year, partly because for the last 10 years the state has been writing school districts IOUs.

Moody’s, one of three credit rating agencies, dropped San Diego Unified from Aa1 to Aa2.

Earlier this month, district officials warned they were headed toward insolvency and a state takeover if the state issues mid-year cuts to education, which is appearing increasingly likely.

I’ll update as I learn more.

Will Carless is an investigative reporter at You can reach him at or 619.550.5670.

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Will Carless

Will Carless was formerly the head of investigations at Voice of San Diego.

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