Standard & Poor's Ratings Services said it lowered its school issuer credit rating five notches to BBB-minus from A-plus on bonds issued for Pike County School Corp., Ind., by Pike County Multi-School Building Corp. The outlook is negative.

"The downgrade reflects our view of the district's persistent and sizable structural imbalances that are projected to continue at least through 2014," said Standard & Poor's credit analyst Anna Uboytseva.

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