Standard&Poor's Ratings Services affirmed its 'A+' rating on Lake County Consolidated High School District No. 120 (Mundelein), Ill.'s GO bonds outstanding. Standard&Poor's also affirmed its 'A' rating on the district's debt certificates. The rating outlook remains negative to reflect uncertainty regarding the district's ability to continue to balance its budget given limited revenue flexibility. Payment of debt service on the district's GO bonds is secured with an unlimited-tax GO pledge. The outstanding limited-tax GO bonds are secured by the district's 1994 debt service extension base, which is limited as to amount, but not rate. The rating on the debt certificates is one notch below the GO bonds to reflect the fact that the certificates are payable
