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.