S&P cuts DuPage County School District 63, Ill. LT GOs to 'AA-'

Sept 26 Thu Sep 26, 2013 3:19pm EDT

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Sept 26 (Reuters) - Standard & Poor's Ratings Services on Thursday cut its underlying rating on DuPage County School District No. 63 (Cass), Illinois' limited-tax general obligation bonds to AA-minus from double-A.

The rating was downgraded due to the district's issuance of debt that exceeds its current capacity to use a direct levy under the debt service extension base, S&P said.

S&P also affirms the district's outstanding unlimited tax general obligation rating at double-A. The outlook is stable.

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