Summary: Eastport-South Manor Central School District, New York; School State Program

S&P Global Ratings lowered its long-term rating on Eastport-South Manor Central School District (CSD), N.Y.'s general obligation (GO) debt outstanding two notches to 'AA-' from 'AA+'. The outlook on all ratings is negative. The downgrade reflects continued drawdowns to reserves following management's inability to align revenues with expenditures. Credit quality depends on Eastport-South Manor's ability to stabilize operations in fiscal 2019. The New York State Dormitory Authority (DASNY) issued its series 2012G school districts revenue bond financing program revenue refunding bonds for the CSD. (For more information on the DASNY bonds, see our report published Jan. 22, 2018 on RatingsDirect.) The rating reflects our view of the district's: Continued structurally imbalanced budgets; Adequate available fund balances, with further declines expected

...S&P Global Ratings lowered its long-term rating on Eastport-South Manor Central School District (CSD), N.Y.'s general obligation (GO) debt outstanding two notches to '##-' from '##+'. The outlook on all ratings is negative. The downgrade reflects continued drawdowns to reserves following management's inability to align revenues with expenditures. Credit quality depends on Eastport-South Manor's ability to stabilize operations in fiscal 2019. The New York State Dormitory Authority (DASNY) issued its series 2012G school districts revenue bond financing program revenue refunding bonds for the CSD. (For more information on the DASNY bonds, see our report published Jan. 22, 2018 on RatingsDirect.) The rating reflects our view of the district's:...

Summary