S&P Global Ratings lowered its underlying rating (SPUR) on Concord Community Schools (the district), Mich.'s general obligation (GO) debt to 'A-' from 'A'. The outlook on all ratings is negative. The downgrade reflects recent draws on reserves due to negative operations and expenditures exceeding revenues for three consecutive years. In addition, the school district faces an elevated debt burden, which could create operational pressure if it incurs further deficits. The underlying rating is based on the application of our " Methodology For Rating U.S. Governments ," published Sept. 9, 2024. A pledge of the district's full faith, credit, and resources, along with an agreement to levy ad valorem property taxes without limit as to rate or amount, secures the district's
