S&P Global Ratings lowered its underlying rating (SPUR) to 'BBB-' from 'BBB' on Laurel Highlands School District, Pa.'s previously issued general obligation (GO) debt and on the Fayette County Vocational-Technical School Authority's series 2020 school lease revenue bonds, issued for Fayette County Career&Technical Institute. The outlook is negative. The rating action reflects our view of the district's estimated general fund drawdown in fiscal 2022 and its merely adequate available general fund reserves after adjusting for a questionable receivable. 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. Certain series
