Standard & Poor's Ratings Services said it lowered its rating to A-plus from AA-minus on McHenry County Community Unit School District No. 12, Ill.'s general obligation bonds.
The outlook is stable.
"The lowered rating reflects our view of six years of general fund draws and an overall weakened financial position when considering all available reserves," said Standard & Poor's credit analyst Kathryn Clayton.
The rating reflects the district's: participation in the deep and diverse Chicago metropolitan and Lake County, Ill. area economies; very strong wealth and income levels as measured by market value per capita and median household effective buying income; and low overall net debt burden.