S&P Global Ratings lowered its issuer credit rating (ICR) on Pleasant Hill School District R-III (Cass County) , Mo. to 'A+' from 'AA-' and its rating on the district's series 2022 lease certificates of participation (guaranteed performance contract) to 'A' from 'A+'. At the same time, we assigned our 'AA+' long-term rating (based on program enhancement) and ?A+' underlying rating to the district's $18.4 million series 2025 general obligation (GO) bonds, based on the application of our " Methodology For Rating U.S. Governments ," published Sept. 9, 2024, on RatingsDirect. The outlook is negative. The downgrade reflects our view of the district's declining enrollment contributing to imbalanced operations and materially weaker reserves that we project will fall below 30% of
