Standard & Poor's Ratings Services said it lowered to A-minus from A its long-term rating on Madison County Community Unit School District No. 9 (Granite City), Ill.'s general obligation bonds.
The outlook is stable.
"The lowered rating reflects the district's ongoing reliance on working cash fund bonds to make up for a continued structural imbalance in its general fund despite expenditure reductions," said Standard & Poor's credit analyst Caroline West. "Further depressing the rating is our view of the district's moderately concentrated tax base and limited operating tax revenue flexibility," West added.
The district provides K-12 educational services to about 42,800 residents in Granite City and parts of the cities of Madison and Venice, in southwestern Illinois' Madison County. The district is only about three miles east of St. Louis, offering residents short commutes to jobs in the metropolitan area.
