S&P Global Ratings lowered its rating to'A-'from'A'on Pekin Community School District (CSD), Iowa's general obligation (GO) debt outstanding. The outlook is stable. The downgrade reflects the district's negative financial performance during the past four fiscal years, with reserves dropping to a nominal low, decreasing enrollment, and shrinking local population. We believe these factors will continue to pressure operations even as the district plans to rebuild its fund balance by implementing a cash reserve levy. The bonds are secured by the district's full faith and credit unlimited ad valorem property tax GO pledge. The rating reflects our view that the district's steady negative financial performance has weakened its reserves substantially. Despite implementing a cash reserve levy since
