Standard & Poor's Ratings Services said it lowered its issuer credit rating (ICR) to A-plus from AA-minus on Goodrich Area Schools, Mich.
The outlook is stable.
"The lowered rating reflects our view of the district's weakened reserves following several years of general fund deficits," said Standard & Poor's credit analyst Kathryn Clayton.
The ICR reflects the district's: good to very strong income levels, with a strong market value per capita; strong level of reserves in fiscal 2013, with deterioration expected in fiscal 2014; projected declining enrollment, which is directly linked to state aid; continued operational deficits, which have weakened available reserves; and Continued operational deficits, which have weakened available reserves; and moderately-high-to-high debt burden.
