S&P cuts Sachem Central School District, N.Y. ratings to 'AA'
Aug 29 (Reuters) - Standard & Poor's Ratings Services on Thursday cut New York's Sachem Central School District long-term and underlying ratings to double-A from AA-plus.
The downgrade was based on the depletion of general fund reserves over the four fiscal years, resulting in "merely adequate total available balance at the close of fiscal 2013," the credit ratings agency said.
The GO bonds are secured by the district's faith and credit pledge, with additional security provided by the New York State Aid Intercept Program, S&P said.
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