Standard&Poor's Ratings Services raised its underlying rating (SPUR) to 'AA' from 'A+' on Lake County Consolidated High School District No. 120 (Mundelein), Ill.'s previously issued general obligation (GO) debt. The outlook is stable. The rating action is based on our view of the district's good financial management practices, which have allowed it to improve its reserves and achieve at least break-even operations in its general fund. We also raised the SPUR to 'AA-' from 'A' on the district's debt certificates. The debt certificate rating is set one notch below the 'AA' GO rating on the district's bonds to reflect that the certificates are payable only from funds legally available, and to reflect the lack of a full faith
