S&P Global Ratings lowered its underlying rating on Marion Community Schools (district), Ind.?s property-tax-backed debt to ?A? from ?A+?. S&P Global Ratings also assigned its 'AA+' long-term program rating and 'A' underlying rating to the district?s approximately $5.13 million series 2025 general obligation (GO) bonds. Furthermore, S&P Global Ratings affirmed its 'AA+' long-term program rating and 'A' underlying rating on the district's existing property-tax-backed debt. The outlook is stable. The one-notch downgrade reflects our view of the district?s budgetary challenges from declining enrollment, circuit-breaker tax caps, and rising personnel costs, with economic metrics that are generally more consistent with those of lower-rated peers. HARTFORD (S&P Global Ratings) Oct. 3, 2025--S&P Global Ratings today took the rating actions listed above. We