OREANDA-NEWS. S&P Global Ratings lowered its issuer credit rating (ICR) on St. Louis County School District No. 101 (Affton), Mo., to 'A' from 'AA-'. At the same time, we also lowered our underlying rating (SPUR) to 'A-' from 'A+' on the Affton 101 School District Educational Facilities Improvement Authority's lease certificates of participation (COPs), which were issued on behalf of the district. The outlook is stable.

"The rating action reflects our view of the district's reduced reserve position and its failure to make timely debt service payments in September 2015, which we believe resulted from management's insufficient debt monitoring system," said S&P Global Ratings credit analyst Katelyn Batesel.

The stable outlook reflects our expectation that the district will maintain at least good reserves for the foreseeable future.