...S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) on Lewis and Clark Community College District, Ill.'s general obligation (GO) bonds outstanding to 'A-' from '##'. The outlook is negative. The lowered rating reflects the district's structural imbalance and available reserve position that significantly deteriorated by the end of fiscal 2016. The negative outlook reflects our view of the district's break-even budget for the current fiscal year, and its dependency on receiving 86% of allocated state funding for fiscal 2017; if funding is not fully realized, the district's available reserve position will further deterioration to negative levels. The district's full-faith-and-credit unlimited-tax GO pledge secures the 2016 bonds and parity bonds. The series 2015B alternative revenue source (ARS) bonds are secured by certain pledged revenue, and to the extent that revenue is insufficient, by the district's unlimited-tax GO pledge. The pledged revenue is a property...
