Lacey Township Board of Education, N.J., Downgraded to A by S&P

Standard & Poor's Ratings Services said it has lowered its long-term rating and underlying rating on Lacey Township Board of Education, N.J.'s general obligation debt to A from AA-minus.

The outlook is stable.

"The downgrade reflects the district's strained financial position and weakened liquidity position coupled with the lack of a clear plan to restore structural budgetary balance and maintain stable reserves for fiscal 2015 and beyond," said Standard & Poor's credit analyst Danielle Leonardis.

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