CHICAGO (Standard & Poor's) March 7, 2011--Standard & Poor's Ratings Services has lowered its long-term rating on Adams County School District No. 172, Ill.'s series 2009A general obligation (GO) school bonds to 'BBB-' from 'BBB' due to consecutive operating deficits that have led to a persistent and growing negative cash balance position. The outlook is negative. The rating also reflects the district's: Large negative education and operating and maintenance fund balances, on a cash basis; Near depletion of working cash reserves; and Continuing revenue pressures. Tempering these weaknesses are good income levels, adequate per capita market value, and the city of Quincy's status as a regional employment center. "The negative outlook reflects our view that the district's financial operation continues...
Companies mentioned in this report are:
- Adams Cnty Sch Dist #172 Quincy
Action: Outlook: Negative
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