Standard & Poor's Ratings Services said it lowered its rating to AA from AA-plus on Dixie Elementary School District, Calif.'s existing general obligation debt.
The outlook is stable.
"The lowered rating reflects our view of the district's continued general fund deficits during the past three fiscal years and its projected use of reserves in the current and subsequent year," said Standard & Poor's credit analyst Jaime Trejo. "Additionally, the lowered rating reflects our view of the district's declining general fund available balance, which in fiscal 2015 is projected to decline by more than 50% from fiscal 2011 levels."
Dixie Elementary School District (estimated population: 21,900) encompasses a 50-square-mile area in central Marin County, including a portion of San Rafael. District residents enjoy regional access to employment centers via Interstate 580 and U.S. Highway 101, which provides access to San Francisco, located 24 miles to the south.
