NEW YORK (S&P Global Ratings) June 16, 2020--S&P Global Ratings lowered its underlying rating (SPUR) for credit program on Anchor Bay School District, Mich.'s general obligation (GO) debt one notch to 'A-' from 'A'. The outlook is negative. The rating action reflects S&P Global Ratings' opinion of the district's significantly deteriorated available reserves, which the rating service no longer considers commensurate with higher-rated peers. At the same time, S&P Global Ratings assigned its 'AA' program rating and stable outlook and 'A-' SPUR and negative outlook to the district's roughly $97.035 million series 2020 unlimited-tax GO refunding bonds. The negative outlook reflects S&P Global Ratings' opinion of the uncertainty of exactly how much per-pupil-aid money the district would lose and if
