S&P Global Ratings revised the outlook to negative from stable and affirmed its 'AA-' long-term rating on Spring Valley School District , Wisc.?s existing general obligation (GO) bonds. At the same time, S&P Global Ratings assigned its 'AA-' long-term rating to the district?s $13.2 million GO promissory notes dated July 2025 . The outlook revision reflects our view of the district's increased debt and uncertainty as to whether reserves will be maintained at a level that offsets the elevated debt metrics or whether revenue growth will help moderate key debt metrics. The rating is based on the application of our " Methodology For Rating U.S. Governments ," published Sept. 9, 2024, on RatingsDirect. The district's full-faith-and-credit unlimited-tax GO pledge secures
