Standard & Poor's Ratings Services said it lowered its long-term rating to A-plus from AA-minus on Sheridan County School District No. 1, Wyo.'s existing general obligation bonds.
The outlook is negative.
"The downgrade reflects our view of the district's substantial decline in available general fund reserves primarily due to the decrease in state school district funding over the past few years," said Standard & Poor's credit analyst Li Yang.
A full faith and credit pledge on all taxable property within the district, subject to an ad valorem tax without limitation as to rate or amount, secures the bonds and is sufficient to pay the principal of and interest on the bonds when they are due.
The 932-square-mile district, with a population estimate of 4,494, serves the communities of Big Horn, Dayton, Ranchester, and Parkman, as well as the surrounding area.
