Standard & Poor's Ratings Services has lowered its issuer credit rating (ICR) on LakeVille Community Schools, Mich.'s series 2005 unlimited tax general obligation (GO) refunding bonds to 'A-' from 'A+'. At the same time, we affirmed our 'AA-' enhanced rating on the district's GO debt and assigned our 'AA-' enhanced rating and 'A-' ICR to the district's series 2012A unlimited tax GO school building and site bonds and series 2012B unlimited tax GO qualified zone academy bonds. The outlook on all ratings is stable.

"The downgrade is due to a substantial drop in the district's general fund balance following a string of operational shortfalls," said Standard & Poor's credit analyst John Kenward.

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