S&P Global Ratings lowered its long-term rating to 'AA' from 'AA+' on ad valorem tax-supported debt issued by and for the town of Brownsburg, Ind. At the same time, we assigned our 'AA' long-term rating to the town's $4.495 million series 2019 park district bonds and the Brownsburg Redevelopment Authority's $5 million series 2019 ad valorem property tax lease-rental bonds, issued on behalf of the town. The outlook on all ratings is stable. The rating revision is based on a continued spend-down of the town's total available reserve position to levels that, while still very strong, we no longer expect to consistently remain above 75% of expenditures, a threshold we view as significant under our criteria. The decline is occurring
