S&P Global Ratings revised the outlook to stable from negative and affirmed its 'A' rating on Marshalltown Community School District (CSD), Iowa's outstanding general obligation (GO) bonds. The outlook revision reflects our view that the district's finances have stabilized and our expectation that its credit profile will remain consistent with those of similarly rated peers. The district's unlimited-tax GO pledge secures the bonds. Through use of the cash reserve levy, spending controls, and savings from staff vacancies, the district's financial position has improved in recent years. Unaudited fiscal 2022 results indicate reserves reached 22% of general fund expenditures, a level we consider very strong, compared with 4% in fiscal 2018. The district's finances are continuing to benefit from staff vacancies
