Standard & Poor's Ratings Services said it lowered its long-term rating to A from AA-minus on DeKalb, LaSalle, & Kendall Counties Community Unit School District No. 430 (Sandwich), Ill.'s general obligation bonds outstanding.
The outlook is stable.
"The lowered rating is based on our view of a substantial reduction in cash reserves, and projected deficits that will further weaken reserves," said Standard & Poor's credit analyst Kathryn Clayton.
The rating further reflects the district's: stable local economy with access to the western suburbs of the Chicago metropolitan area economy; favorable economic indicators that reflect both strong income and wealth levels; and low debt levels with a rapid amortization schedule.