Standard&Poor's Ratings Services lowered its long-term rating to'A-'from'A'on Will County School District No. 81 (Union), Ill.'s general obligation (GO) bonds. The outlook is stable. The ratings reflect our view of the district's: Recent history of deficits the combined educational and operations&maintenance (O&M) fund; Negative cash balance in the combined educational and O&M fund in fiscal 2012; and Weak cash liquidity with the anticipated use of external short-term borrowing. Partly offsetting the above credit factors are the district's: Participation in the Chicago metropolitan area economy with access to Joliet; Very strong incomes and extremely strong market value per capita; Moderate overall net debt burden as a percentage of market value and rapid amortization.
