Standard&Poor's Ratings Services revised its outlook to negative from stable and affirmed its 'AA-' long-term and underlying rating (SPUR) on Johnson County Unified School District No. 231 (Gardner-Edgerton), Kan.'s outstanding general obligation (GO) debt. At the same time, Standard&Poor's assigned its 'AA-' long-term rating to the district's series 2011-C and 2011-D GO refunding bonds. The outlook is negative. The negative outlook reflects our view of the district's: Deterioration of its nonrestrictive cash position from very strong to adequate; Continued reductions in state funding, which has resulted in the one-time use of cash to offset reductions; and High overall debt burden, coupled with additional debt plans. Factors supporting the ratings include our view of the district's: Large,
