S&P Global Ratings lowered its long-term rating to'A'from'A+'on AHSTW Community School District , Iowa's debt outstanding. The outlook is stable. The downgrade reflects substantial draws on general fund reserves in recent years stemming from rising expenditures without corresponding revenue increases, leaving the district with less flexibility to manage ongoing rising costs. The district's ad valorem property tax pledge, without limitation as to rate or amount, secures its outstanding debt. AHSTW benefits from a stable economy and low debt, but its financial position has weakened in recent years following spending growth in the general fund that was not matched with similar revenue growth. Between fiscal 2022 and fiscal 2025, expenditures grew an average of 4.5% annually while
