Standard & Poor's Ratings Services has lowered its long-term rating, underlying rating, and school issuer credit rating on Deer Lakes School District, Pa.'s general obligation bonds to A-plus from AA-minus due to a significant decline in the district's financial position in recent fiscal years and a large decrease in the tax base due to commercial tax appeals that resulted in lower tax revenue, which is the district's major source of revenue.

The outlook is stable.

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