S&P Global Ratings lowered its long-term rating and underlying rating (SPUR) on Stephenson County School District No. 145 (Freeport), Ill.'s limited-tax general obligation (GO) bonds one notch to 'A' from 'A+'. At the same time, S&P Global Ratings assigned its 'A' long-term rating to the district's roughly $7.2 million series 2025A limited-tax GO school bonds, roughly $10 million series 2025B taxable limited-tax GO school bonds, and roughly $14.3 million series 2025C GO school bonds based on the application of its criteria, "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. The rating action reflects our opinion of the district's weaker finances and reduced reserves. The outlook is negative, reflecting our view that there is, at least, a one-in-three
