Standard&Poor's Ratings Services lowered its long-term and underlying rating (SPUR) to 'A+' from 'AA-' on Johnson County Unified School District No. 231 (Gardner-Edgerton), Kan.'s outstanding general obligation (GO) debt due to the deterioration of the district's nonrestrictive cash position to $0 from $3.3 million, coupled with lower than budgeted state funding due to lower than anticipated student enrollment in fiscal 2012. At the same time, Standard&Poor's assigned its 'A+' long-term rating to the district's series 2012-A GO refunding and improvement bonds. The outlook on all ratings is negative. The rating reflects our view of the district's: Large, diverse tax base that participates in the Kansas City metropolitan statistical area (MSA) economy; Strong wealth and income levels;
