Standard & Poor's Ratings Services said it revised its outlook to negative from stable and affirmed its BBB-plus long-term rating on Cook County School District No. 169 (Ford Heights), Ill.'s series 2011A taxable general obligation refunding school bonds, series 2011B GO limited school bonds, and series 2011C taxable GO limited school bonds.
"The negative outlook reflects our view that the pending tax appeal by Ford Motor Co. could deepen the district's budgeted structural imbalance in the combined educational and operations and maintenance fund in fiscal 2013," said Standard & Poor's credit analyst Lin Johnson III. "If the district continues to experience structural imbalances and lowers its reserve levels significantly, we could lower the rating," Johnson added.
Cook County School District No. 169 (Ford Heights) operates three elementary schools for an estimated population of 2,763 (2010 U.S. Census) in Ford Heights, about 30 miles south of downtown Chicago.