Standard & Poor's Ratings Services said it lowered its underlying rating for credit program to A-minus from A on Ben Bolt-Palito Blanco Independent School District, Texas' general obligation debt.
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At the same time, Standard & Poor's lowered its long-term rating to A-minus from A on the district's GO debt not included in the state enhancement program. The outlook is negative.
"The rating action reflects our view of the district's declining financial performance and position in recent years," said Standard & Poor's credit analyst Brian Marshall.
The negative outlook reflects the anticipation that the district may continue to experience declines in financial position during the two-year outlook period.
