S&P Global Ratings lowered its underlying rating to'A-'from'A'on Cedar County School District No. 54 (Laurel-Concord-Coleridge Public Schools) , Nebraska’s general obligation (GO) bonds outstanding. The outlook is stable. The rating action reflects our view of the district's persistent general fund deficits that have materially eroded reserves to levels no longer comparable with those of higher-rated peers or sufficient to offset other credit weaknesses. Revenue from an unlimited ad valorem tax levied on taxable property within the district secures the district's bonds outstanding. The rating reflects our view of the district’s sustained negative financial performance, resulting from reserve-funded capital spending and rising operating expenses that outpaced revenue growth. State property tax limits (Legislative Bill 243) and the
