Standard & Poor's Ratings Services said it lowered its long-term rating and underlying rating to A from A-plus on Coalinga-Huron Joint Unified School District, Calif.'s general obligation debt outstanding.
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The outlook is stable.
"The lowered ratings are based on our view of the district's significantly deteriorated financial position and projections of continued drawdowns," said Standard & Poor's credit analyst Jen Hansen.
The GO ratings reflect the district's: limited economy, as evidenced by a concentrated tax base and low per capita income, and recent large drawdown on available reserves.
