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."

At the same time, Standard & Poor's assigned its AA-minus long-term rating to the district's series 2013 GO refunding bonds and affirmed its AA-plus long-term rating on the district's debt previously issued through the Missouri Direct Deposit program. The outlook on all the ratings is stable.

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