Standard & Poor's Ratings Services said it has lowered its rating on Lincolnshire-Prairie View School District No. 103, Ill.'s series 2015A GO limited tax school bonds to AA-plus from AAA.
At the same time, Standard & Poor's assigned its AA-plus rating to the district's series 2015C general obligation limited tax school bonds and 'AAA' issuer credit rating Standard & Poor's also affirmed its AA-plus long-term rating on the district's series 2015B refunding debt certificates. The outlook is stable.
The downgrade reflects the agency's view of combined annual debt service for the district's limited tax bonds exceeding the debt service extension base (DSEB) for the life of the bonds after 2016. "This means that the district might need to pay part of debt service from legally available funds to the extent that DSEB growth does not provide sufficient revenue to pay annual debt service," said Standard & Poor's credit analyst Jessica Akey.
