DALLAS (Standard&Poor's) March 21, 2012-- Standard&Poor's Ratings Services lowered its long-term and underlying rating (SPUR) to 'A+' from 'AA-' 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 'A+' long-term rating to the district's series 2012-A GO refunding and improvement bonds. The outlook on all ratings is negative. "The lowered rating reflects our view of the deterioration of the district's nonrestrictive cash position to $0 from $3.3 million, coupled with lower than budgeted state funding in fiscal 2012 due to lower than anticipated student enrollment," said Standard&Poor's credit analyst Sarah Smaardyk. "If the district continues to experience structural imbalance
