S&P Global Ratings lowered its underlying rating on Campbell City School District , Ohio's certificates of participation (COPs) outstanding to'BBB+'from'A-'. The downgrade reflects the district’s financial imbalance that has led to a spenddown of reserves to levels that are no longer comparable with those of higher-rated peers. The negative outlook represents a one-in-three chance that we could lower the rating further within the two-year outlook period if the district is unable to return to operational balance and further spends down reserves. We rate the series 2019 COPs one notch lower than the school district's general creditworthiness to reflect the appropriation risk associated with the annual payment. S&P Global Ratings does not have a public issuer credit rating
