Standard & Poor's Ratings Services said it revised its outlook to negative from stable on Johnson County School District No. 55 (Vienna), Ill.'s series 2009 general obligation alternate revenue source bonds.

"The negative outlook reflects a slowly declining operating reserve position," said Standard & Poor's credit analyst John Sauter, "and while management expects the declines to moderate beginning in fiscal 2014, uncertainty remains regarding how far reserves will decline before the budget is stabilized."

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