Standard&Poor's Ratings Services lowered its issuer credit rating (ICR) to 'A' from 'A+' on Romeo Community School District, Mich.'s general obligation (GO) debt outstanding due to a weakened general fund balance. The outlook is negative, reflecting our belief that reserves are likely to be further reduced given a current structural imbalance. At the same time, Standard&Poor's affirmed its 'AA-' enhanced long-term and underlying (SPUR) ratings on the district's existing general obligation (GO) bonds. The 'AA-' enhanced rating on the bonds reflects the district's qualification for, and participation in, the Michigan School Bond Qualification and Loan Program. The outlook on the program rating is positive. The 'A' ICR reflects our view of the district's: General fund reserves,
