Standard & Poor's Ratings Services said that it lowered to AA-minus from AA its school issuer credit rating, long-term rating, and underlying rating on St. Louis County R-III School District (Pattonville), Mo.'s general obligation bonds.

"The downgrade is due to recent operating draws in excess of original expectations, property tax appeals, and substantial projected draws," said Standard & Poor's credit analyst Katilyn Pulcher, "if budget cuts are not successfully implemented or tax increases approved by voters."

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