...S&P Global Ratings revised its rating outlook on Canadian County Independent School District (ISD) No. 69 (Mustang), Okla.'s general obligation (GO) bonds and lease revenue bonds outstanding to negative from stable. At the same time, we affirmed our '##' long-term rating on the outstanding (GO) debt and our '##-' long-term rating on the outstanding lease revenue bonds. In addition, we assigned our '##' long-term rating and negative outlook to the district's anticipated $9.705 million series 2021 combined purpose bonds and $6.55 million series 2021 GO building bonds, federally taxable. The outlook revision reflects S&P Global Ratings' opinion that the district's reserve position will likely fall below its formal reserve policy of maintaining 10% of operating expenditures in reserves. The revenue shortfall for fiscal 2021 is a direct result of COVID-19 impacts, as the district experienced a decline in enrollment for the start of school year 2021 resulting reduced state funding, which we consider...
