...November 1, 2019 SAN FRANCISCO (S&P Global Ratings) Nov. 1, 2019--S&P Global Ratings lowered its long-term and underlying rating (SPUR) to 'A+' from '##-' 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 lowered rating reflects our view of the district's reduced general fund reserve levels that have dropped from $38 million in fiscal 2013 to $15 million in fiscal 2018," said S&P Global Ratings credit analyst Li Yang. "We understand the declines in reserves over the past several years are the result of declining enrollment levels, the rising cost of salaries and benefits, rising pension costs, and the spending of one-time previously received grant funding on capital projects," Mr. Yang added....
