Standard & Poor's Ratings Services said it lowered its long-term and underlying ratings to A-plus from AA on Brentwood School District, Mo.'s general obligation bonds. The outlook is stable.
"The lowered rating reflects the financial pressures that have resulted in a continued use of reserves during the past three fiscal years and the uncertainty of the impact from pending tax appeals," said Standard & Poor's credit analyst Antionette Maxwell. "Further straining the rating is the contraction in the district's tax base, resulting in lower tax revenues," Maxwell added.