Standard & Poor's Ratings Services said it lowered its underlying rating on debt issued on behalf of Clarksville Community School Corp., Ind., to A-plus from AA-minus.
"The lower rating reflects weakening economic metrics as well as a revision of our Financial Management Assessment (FMA) to 'standard' from 'good'," said Standard & Poor's credit analyst John Sauter.
At the same time, it affirmed the AA-plus program rating on debt issued on behalf of the school corporation. The AA-plus ratings are based on the school corporation meeting our Indiana State Aid Intercept program rating criteria.
The credit characteristics of the rating are supported by the availability of state aid to be intercepted to cover debt service payments. The outlook on all ratings is stable.
"The A-plus rating reflects our view of the school corporation's consistently strong available cash reserves, albeit measured on a cash basis of accounting, supported by results that are typically balanced," said Sauter. Another factor is its participation in the diverse Louisville, Ky., metropolitan statistical area (MSA) economy.
