Lake County Community Consolidated School District No. 24, IL Bond Rating Lowered To 'A-' On Deficits And Weak Liquidity Mar 12
- ID: 2091172
- March 2012
- Standard & Poors
CHICAGO (Standard & Poor's) March 26, 2012--Standard & Poor's Ratings Services has lowered its long-term rating to 'A-' from 'A' on Lake County Community Consolidated School District No. 24 (Millburn), Ill.'s bonds. "We lowered the rating based on our opinion of the district's continued operating deficits following several years of structural imbalances and reliance on external borrowing for liquidity," said Standard & Poor's credit analyst Lin Johnson III. The rating reflects Standard & Poor's assessment of the district's: Continued structural imbalance in the combined educational and operations and maintenance fund; Weak cash position with, which is reflected by seven days' cash on hand, its reliance on intrafund borrowing, and the issuance of tax anticipation warrants that cross fiscal years; and...
Companies mentioned in this report are: Lake Cnty Comnty Cons Sch Dist #24 Millburn
Action: Outlook: Negative
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.