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.
