DALLAS (Standard&Poor's) Nov. 11, 2011-- Standard&Poor's Ratings Services revised its outlook to negative from stable and affirmed its 'AA-' long-term and underlying rating (SPUR) on Johnson County Unified School District No. 231 (Gardner-Edgerton), Kan.'s outstanding general obligation (GO) debt. At the same time, Standard&Poor's assigned its 'AA-' long-term rating to the district's series 2011-C and 2011-D GO refunding bonds. The outlook is negative. "The negative outlook reflects our view of the district's continued projected reserve draw downs and lingering pressures associated with state funding reductions," said Standard&Poor's credit analyst Sarah Smaardyk. "If the district continues to experience structural imbalance or general fund draw downs, we could lower the rating. But if management
