Standard & Poor's Ratings Services said it lowered its long-term rating to B from B-plus on Detroit Community Schools (DCS), Mich.'s series 2005 public school academy revenue bonds and placed the rating on CreditWatch with negative implications.
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"The rating action reflects our view of DCS' continued trend of enrollment declines, relatively poor academic performance, and weak fiscal management," said Standard & Poor's credit analyst Chris Littlewood. "The CreditWatch action reflects our opinion of the increased credit risk posed by the possibility of a charter nonrenewal in June 2014," Littlewood added.
