Standard & Poor's Ratings Services said it raised its underlying rating to A from A-minus on Lake County Community Unit School District No. 60 (Waukegan), Ill.'s general obligation bonds.
The outlook is stable.
"The raised rating reflects our view of the district's significantly improved cash position, primarily due to ongoing budget control," said Standard & Poor's credit analyst Kathryn Clayton.
The rating reflects the district's: participation in the deep and diverse Chicago metropolitan area economy; good level of reserves on a cash basis when including working cash available reserves; and moderate debt burden as a percent of market value and limited future capital needs.