Standard&Poor's Ratings Services lowered its long-term and underlying ratings (SPUR) to 'A+' from 'AA-' on Fayette County Board of Education, Ky.'s existing debt, issued by the Fayette County School District Finance Corp. At the same time, Standard&Poor's assigned its 'A+' long-term rating to the corporation's series 2014A school building revenue bonds, issued for the board. The outlook is stable. The lowered ratings reflect our view of the district's larger than expected deficit in 2013 and expected deficit in 2014, despite it currently reporting what we deem a strong level of reserves. We believe these factors have resulted in a financial profile that is not consistent with the 'AA' rating category. The stable outlook reflects our expectation
