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.
The district has no plans to issue debt in the near future.