S&P Global Ratings revised the outlook to positive from stable and affirmed its 'AA' rating on Mukwonago Area School District, Wis.' general obligation (GO) debt. The outlook revision reflects that we could raise the rating in the next two years if the district's debt profile remains in line with that of higher-rated peers and it maintains budgetary balance, despite layering in additional debt. The district's GO bonds are secured by the district's unlimited-tax GO pledge. The outlook revision reflects our view of Mukwonago's very strong tax base, supported by population growth, in addition to sustained healthy financial performance driven by management practices. Mukwonago Area School District serves prekindergarten through 12th grade in Waukesha County, about 70 miles northwest of Chicago
