CHICAGO (S&P Global Ratings) Dec. 19, 2022--S&P Global Ratings lowered its underlying rating (SPUR) to 'BBB-' from 'BBB' on Laurel Highlands School District, Pa.'s previously issued general obligation debt and on the Fayette County Vocational-Technical School Authority's series 2020 school lease revenue bonds, issued for Fayette County Career&Technical Institute. The outlook is negative. "The rating action reflects our view of the district's estimated general fund drawdown in fiscal 2022 and its merely adequate available general fund reserves after adjusting for a questionable receivable," said S&P Global Ratings credit analyst Jennifer Boyd. The negative outlook is based on our opinion that there is at least a one-in-three chance we could lower the rating further during the next year if
