Standard & Poor's Ratings Services said it lowered to A-minus from A its long-term and underlying ratings on Lake County, Ind.'s existing debt, issued for and on behalf of the Lake County Park and Recreation District.
At the same time, it assigned an A-minus rating to the series 2014 refunding bonds issued by the county for the district. The outlook on all ratings is stable.
"The downgrade is due to a substantial drop in the district's operating cash reserves in 2013," said Standard & Poor's credit analyst John Kenward.
The district plans to use the 2014 bond proceeds to refund prior debt for savings. The bonds are secured by a special ad valorem property tax levied on all taxable property in the district, which is coterminous with the boundaries of the county.
