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Schools bond ratings falling in Michigan

school bus
school bus

DETROIT (WKZO) -- A number of factors are forcing some Michigan school districts to pay higher fees for borrowing money.

A report by Moody's Investment Service released this week shows falling enrollment, and the increased popularity of charter schools have led to 53 school districts seeing their bond ratings fall.  The report found that downgrades in 2013 are 64-percent higher than last year.  Moody's says 31-percent of all districts seeing a downgrade were located in metro Detroit.

The study also found pension liabilities are estimated at 320-percent of the General Funds collected by Michigan schools in 2012.

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