...BOSTON (S&P Global Ratings) Oct. 23, 2018--S&P Global Ratings lowered its underlying rating (SPUR) on Laurel Highlands School District, Pa.'s general obligation (GO) debt one notch to '###+' from 'A-'. The outlook is negative. At the same time, S&P Global Ratings assigned its '###+' long-term rating and negative outlook to the district's series 2018 GO notes. The rating action reflects S&P Global Ratings' opinion of the district's deteriorated fund balance during the past five fiscal years due to structural imbalances with no formal plans to align revenue properly with expenditures during the next two fiscal years. The negative outlook reflects the rating service's view of the district's inability to match revenue and expenditures adequately during the past few fiscal years with no formal plans in place to limit or mitigate future drawdowns. The rating also reflects S&P Global Ratings' opinion of the district's overall good, but limited, reserves, which have decreased during the past four...
