CHICAGO (Standard&Poor's) Aug. 29, 2007-- Standard&Poor's Ratings Services lowered its rating to 'AA-' from 'AA' on Oak Park, Ill.'s 2007 GO corporate purpose bonds to reflect the village's significantly weakened financial position, as illustrated by a negative general fund cash position. The outlook is negative. "We are concerned by the village's decision to subsidize its parking fund with money from its unreserved fund balance reserves and cash," said Standard&Poor's credit analyst Corey Friedman. "While preliminary steps have been taken to address this situation, reserves have been, and are expected to be, strained by this. If the situation does not improve, the rating will be lowered further." The village's financial position, while historically good, has
