...CENTENNIAL (S&P Global Ratings) Oct. 26, 2018--S&P Global Ratings lowered its long-term rating to 'A-' from 'A+' on Southern Kern Unified School District, Calif.'s general obligation (GO) bonds outstanding. The outlook is stable. "The rating change reflects our view of the district's recent financial strain, which has resulted in negative fund balances, due in part to district management overestimating enrollment growth and expected revenue," said S&P Global Ratings credit analyst David Mares. "In response to the recent results, the Kern County Office of Education has stepped in to assist the district returning to positive operations. At the same time, we believe the stable outlook reflects our view that the COE's measures to assist the district will lead to financial stability in the near future," Mr. Mares added. The rating further reflects of view of the district's: + Growing enrollment, which is the primary driver of revenue under the state's funding formula; + Extremely strong market...
