Standard & Poor's Ratings Services said it lowered its long-term rating on Williamson County Community Unit School District No. 3 (Crab Orchard), Ill.'s series 2012 general obligation alternate revenue source bonds to A from A-plus.
The outlook is stable.
"The downgrade is due to a decline in reserves caused by a multiyear fiscal imbalance," said Standard & Poor's credit analyst John Kenward.
The Metropolitan Transportation Authority chair and CEO says changes are needed to state and federal laws and the MTA's financial structure.
The recent short-end correction stems from last week's Fed rate hike, said Ron Banaszek, co-head of public finance and lead underwriter at Blaylock Van.
The city's inability to get approval for bonds that would fund operating expenses has forced the mayor to propose deep budget cuts for the coming fiscal year.
A finance committee vote teed up a debate by the full Chicago City Council Wednesday on whether to require more aldermen votes for new borrowing.
In an unusually competitive election season in the GOP dominated Lone Star State, candidate platforms include moves that could impact state and local finances.
Bondholders agreed to extend the lender longstop date, giving developers more time to test the LAX SkyLink project and avoiding an imminent technical default.
