...November 26, 2019 CHICAGO (S&P Global Ratings) Nov. 26, 2019--S&P Global Ratings lowered its long-term rating to '##' from '##+' on ad valorem tax-supported debt issued by and for the town of Brownsburg, Ind. At the same time, we assigned our '##' long-term rating to the town's $4.495 million series 2019 park district bonds and the Brownsburg Redevelopment Authority's $5 million series 2019 ad valorem property tax lease-rental bonds, issued on behalf of the town. The outlook on all ratings is stable. "The rating revision is based on a continued spend-down of the town's total available reserve position to levels that, while still very strong, we no longer expect to consistently remain above 75% of expenditures, a threshold we view as significant under our criteria," said S&P Global Ratings credit analyst John Sauter. The decline is occurring in the economic development income tax (EDIT) fund, of which the reserves can be used for any purpose, and are being spent on one-time capital projects....
