S&P Global Ratings lowered its long-term and underlying rating (SPUR) to 'A+' from 'AA-' on Vista Unified School District, Calif.'s outstanding general obligation (GO) bonds and lowered its long-term and SPUR to 'A' from 'A+' on the district's outstanding certificates of participation (COPs). At the same time, S&P Global Ratings assigned its 'A+' long-term rating to the district's 2019 GO refunding bonds. The outlook is negative. The rating action reflects our view of the district's reduced general fund reserve levels that have dropped from $38 million reported in fiscal 2013 down to $15 million in fiscal 2018. Based on the fiscal 2018 audit, the district's available general fund (assigned plus unassigned) reserve ended at $15 million or about 5.7% of
