DALLAS -- Moody's Investors Service has downgraded the revenue bond rating for Odessa Junior College to Baa from A after the Texas school lost millions of dollars in risky derivatives investments and almost doubled its debt to pay expenses.

"This revision stems from concerns regarding significant cash-flow deficiencies experienced by the district as a result of improper investments of essentially all of the district's cash balances, including operating funds and debt service reserve funds, in volatile long-term securities," Moody's said when it announced the rating change late Friday.

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