Standard & Poor's Ratings Services said it lowered its long-term rating to BBB-plus from A on DeKalb LaSalle & Kendall Counties Community Unit School District No. 430, Ill.'s existing general obligation bonds.
The outlook is negative.
"The lowered rating reflects our view of the district's substantially reduced cash reserves, and projected deficits in the current year that will further weaken reserves," said Standard & Poor's credit analyst Antionette Maxwell. "Further depressing the rating is the district's plan to use an additional $600,000 in reserves in fiscal 2015."
The district provides prekindergarten through 12th-grade education to an estimated 13,399 residents. The district, situated mainly in DeKalb County and portions of LaSalle and Kendall counties, serves the City of Sandwich, the village of Millington, and a small portion of the City of Plano. The 52-square-mile district is about 60 miles southwest of Chicago, 30 miles southwest of Naperville, and 23 miles southwest of Aurora.
