Standard & Poor's Ratings Services said it lowered its rating on Marion Independent School District, Iowa 's outstanding unlimited-tax general obligation bonds two notches to A-minus from A-plus.
Processing Content
The outlook is stable.
"The downgrade is based on deterioration in the district's general fund reserves after a large deficit in audited fiscal 2013 and another one estimated in unaudited 2014, resulting in a negative unassigned general fund balance," said Standard & Poor's credit analyst Blake Yocom.
"The rating reflects our view of the district's moderate overall debt burden," he added.
