S&P Global Ratings revised the outlook to negative from stable and affirmed its'AA'issuer credit rating (ICR) on Jefferson County School District Finance Corp., Kentucky, which issues for the Jefferson County Board of Education (the district). At the same time, S&P Global Ratings affirmed its'AA'rating on the corporation’s outstanding GO debt and its'AA-'underlying rating on the corporation's outstanding school building revenue debt, which is secured by lease rental payments subject to annual appropriation. The negative outlook is prompted by structural budgetary issues that contribute to a projected reduction in reserve and liquidity levels through fiscal 2028. The rating could be lowered if the district’s efforts to align expenses with reduced revenue expectations and with the
