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A credit ratings agency has reduced the credit outlook for 51 of New Mexico’s 89 school districts.

The Santa Fe New Mexican reports Moody’s Investors Service also revised the outlook for New Mexico’s three research universities from stable to negative. The outlook change signals that downgrades are possible. The downgrade comes a week after the credit agency lowered the state government’s bond rating.

Moody’s spokesman David Jacobson says universities and school districts usually have a slightly lower rating than state governments. Santa Fe Public Schools Chief Financial Officer Carl Gruenler says the downgrade will likely negatively affect most districts by slightly increasing the cost of borrowing, including for the bond proposals currently before voters.

School districts outside of Albuquerque and Santa Fe affected by the rating change include Alamogordo, Aztec, Belen, Bernalillo, Bloomfield, Capitan, Carlsbad, Chama, Clovis, Deming, Espanola, Estancia, Eunice, Farmington, Gadsden, Gallup-McKinley, Grants-Cibola, Hobbs, Los Alamos, Los Lunas, Loving, Moriarty, Pojoaque, Questa, Rio Rancho, Roswell, Taos, Tatum, Texico, Truth or Consequences, and West Las Vegas.

Artesia was not affected by the change.