Standard & Poor's Ratings Services said it downgraded its rating to BBB from BBB-plus on Navajo County Unified School District No. 25 (Cedar), Ariz.'s series 2009 federal impact aid revenue bonds.
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The outlook is negative.
"The lowered rating reflects our view of the district's decline in FIA enrollment as well as its ongoing operational and liquidity pressures," said Standard & Poor's credit analyst Jaime Trejo. "Further depressing the rating in our view is the district's recent placement into state receivership."
Navajo County Unified School District No. 25 encompasses 1,500 square miles in northeastern Navajo County, about 92 miles east of Flagstaff, within the Hopi and Navajo Indian reservations.
