S&P Global Ratings lowered its long-term rating to 'AA-' from 'AA' on Canadian County Independent School District (ISD) No. 69 (Mustang), Okla.'s general obligation (GO) debt and its long-term rating to 'A+' from 'AA-' on the district's lease revenue bonds. At the same time, we assigned our 'AA-' long-term rating to the district's anticipated $14.1 million series 2023 GO combined purpose bonds and $5.5 million federally taxable series 2023 GO building bonds. The outlook is stable. The downgrades reflect our view of the district's weakened financial position following consecutive deficits. Revenue from the district's unlimited ad valorem tax secures the GO bonds. The district's lease rental payments secure the lease revenue bonds. Revenue for lease payments primarily comes from the
