Standard & Poor's Ratings Services said it has lowered its issuer credit rating on Martin County School District, Fla. one notch to A-plus from AA-minus with a negative outlook.

Standard & Poor's has also lowered its underlying rating on the district's certificates of participation to A from A-plus with a negative outlook.

"The downgrade reflects our view of the district's decreased reserve levels," said Standard & Poor's credit analyst Le T. Quach. The negative outlook reflects our view of the district's weakened financial performance and its challenges to generate positive operating results and rebuild reserves.

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