S&P Global Ratings revised the outlook to negative from stable and affirmed its'AA+'long-term rating (based on credit enhancement) and'A'underlying rating on Marion Community Schools (the district), Indiana’s property-tax-backed debt. At the same time, S&P Global Ratings assigned its'AA+'long-term rating (based on credit enhancement) with a stable outlook and'A'underlying rating to the district’s $6.8 million series 2026 ad valorem property tax first mortgage bonds. The outlook revision reflects our assessment of the district’s structural deficit in 2025 and recent volatility in financial performance. While the current reserve position provides a temporary buffer, a negative rating action could occur if management's ongoing efforts to identify and implement corrective measures prove insufficient to restore fiscal
