Standard & Poor's Ratings Services said it lowered its school underlying rating A from A-plus on Eastbrook Community School Corp., Ind.
At the same time, Standard & Poor's affirmed its AA-plus long-term rating on the school corporation's existing debt. The outlook is stable.
"The lowered rating reflects our view of the school corporation's recent declines in the available reserve position and continued enrollment declines," said Standard & Poor's credit analyst Andrew Truckenmiller. "The stable outlook reflects our view of management's willingness to make expenditure reductions in an effort to return operations to stable."
The school corporation serves an estimated 10,619 residents over 140 square miles of northeastern Indiana's Grant County. The district sits just outside of Marion, and is about halfway between Indianapolis and Ft. Wayne. Land use is mostly agricultural, and manufacturing is the predominant employment sector.
