S&P Global Ratings lowered its underlying rating on East Central Independent School District (ISD) Texas? general obligation (GO) debt to ?A+? from ?AA-?. The downgrade reflects our view of the district?s recent deficits, which have materially drawn down available reserves, and although it?s taking measures to mitigate deficits in the near future, we do not expect reserves will return to historical levels in our outlook horizon. The outlook is stable. The existing bonds are payable from ad valorem taxes levied annually against all taxable property in the district without legal limitation as to rate or amount. The rating reflects our view of the district?s recent track record of deficits, which has led to a material draw down of its reserve
