FARMERS BRANCH (S&P Global Ratings) May 4, 2021--S&P Global Ratings revised its rating outlook on Canadian County Independent School District (ISD) No. 69 (Mustang), Okla.'s general obligation (GO) bonds and lease revenue bonds outstanding to negative from stable. At the same time, we affirmed our 'AA' long-term rating on the outstanding (GO) debt and our 'AA-' long-term rating on the outstanding lease revenue bonds. In addition, we assigned our 'AA' long-term rating and negative outlook to the district's anticipated $9.705 million series 2021 combined purpose bonds and $6.55 million series 2021 GO building bonds, federally taxable. "The outlook revision reflects our opinion that the district's reserve position will likely fall below its formal reserve policy of maintaining 10% of operating
