S&P Global Ratings lowered its long-term rating and underlying rating to'A'from'A+'on Oneida City School District , New York's general obligation (GO) bonds outstanding. The outlook is negative. The rating action reflects our view of the district's trend of operating deficits, which we view as structurally imbalanced, and declining reserves, which we expect will persist over our outlook horizon. The rating reflects our view of the district's location and participation in the broader Syracuse economy and relatively manageable debt burden. Partly offsetting these strengths, in our view, are the district's below-average household incomes and declining reserves as a result of its structural imbalance coupled with an elevated other postemployment benefits liability . The district anticipates a larger
