...May 21, 2020 CENTENNIAL (S&P Global Ratings) May 21, 2020--S&P Global Ratings lowered its long-term rating to 'A+' from '##-' on Van Meter Community School District, Iowa's outstanding general obligation bonds, due to decreasing reserves that we no longer believe to be comparable with those of similarly rated peers. The outlook is stable. "The downgrade reflects our view that the district exhibits weakened financial flexibility compared with similarly rated peers and that potential impacts from the recession could slow its efforts to rebuild reserves," said S&P Global Ratings credit analyst Augustin Kazakevicius. The district's most recent performance has improved from the preceding years of deficit operating results. Also, its economy, located near Des Moines, has experienced significant growth and continued residential development over the past few years, resulting in exceptional enrollment growth. However, we believe its current reserves are thinner and may be pressured by prolonged...
