Standard & Poor's Ratings Services said it lowered its underlying rating for credit program to A from A-plus on Almont Community Schools, Mich.'s general obligation bonds.
The outlook is stable.
"The rating action reflects our view of the district's projected use of reserves in fiscal 2015 and our belief that the district's falling enrollment is a persistent credit weakness that will continue to pressure its finances," said Standard & Poor's credit analyst Benjamin Gallovic.
The Metropolitan Transportation Authority chair and CEO says changes are needed to state and federal laws and the MTA's financial structure.
The recent short-end correction stems from last week's Fed rate hike, said Ron Banaszek, co-head of public finance and lead underwriter at Blaylock Van.
The city's inability to get approval for bonds that would fund operating expenses has forced the mayor to propose deep budget cuts for the coming fiscal year.
A finance committee vote teed up a debate by the full Chicago City Council Wednesday on whether to require more aldermen votes for new borrowing.
In an unusually competitive election season in the GOP dominated Lone Star State, candidate platforms include moves that could impact state and local finances.
Bondholders agreed to extend the lender longstop date, giving developers more time to test the LAX SkyLink project and avoiding an imminent technical default.
