...S&P Global Ratings lowered its underlying rating to '###' from '###+' on Laurel Highlands School District, Pa.'s previously issued general obligation (GO) debt and on the Fayette County Vocational-Technical School Authority's series 2019 school lease revenue bonds, issued for the Fayette County Career & Technical Institute and ultimately reflecting our view of the general creditworthiness of district. At the same time, we assigned our '###' long-term rating to the district's series A of 2020 unlimited-tax GO bonds, series B of 2020 GO bonds, and series of 2021 limited-tax GO bonds. The outlook is negative. The district's full faith and credit secures the bonds. The Act 1 Index under Pennsylvania commonwealth statute restricts a district's ability to raise the tax levy higher than a certain index, set by the Pennsylvania Department of Education. The series A of 2020 unlimited-tax GO bonds are not subject to the index, but the series B of 2020 GO bonds, series of 2021 limited-tax GO bonds,...
