Standard & Poor's Ratings Services said it lowered its long-term rating to A-plus from AA-minus on Pasadena Unified School District, Calif.'s general obligation debt.
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At the same time, Standard & Poor's assigned its A-plus rating to the district's series 2014 GO refunding bonds. The outlook is stable.
"The action reflects our view of the district's weakened financial position following several years of deficit spending, coupled with management's expected need for future structural budget adjustments despite projected revenue growth," said Standard & Poor's credit analyst Sarah Sullivant.
