Standard & Poor's Ratings Services said it lowered its underlying rating to A from A-plus on Edgar, Coles, & Clark Counties Community Unit School District No. 3 (Kansas), Ill.'s series 2009 general obligation school bonds.
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The outlook is stable.
"The rating action reflects our view of the district's deteriorating financial position," said Standard & Poor's credit analyst Blake Yocom, "coupled with management's projections of continued operating deficits and use of working cash bonds to finance the budget gap for fiscal 2014."
