S&P Global Ratings lowered its long-term rating on Lake County Consolidated High School District No. 120 (Mundelein) , Ill.?s series 2022A general obligation (GO) limited-tax school bonds to ?AA? from ?AA+?. The downgrade reflects the district?s trend of mixed operational performance, with a deficit anticipated in fiscal 2025 and uncertainty as to whether it can sustain budgetary adjustments needed to achieve long-term budget stability. The rating is also based on the application of our " Methodology For Rating U.S. Governments ," published Sept. 9, 2024, on RatingsDirect. The outlook is stable. The series 2022A limited-tax bonds are payable from a debt service levy pursuant to the district's debt service extension base, which is limited as to amount but unlimited as
