The 'AAA' rating on Anchor Bay School District, Michigan's bonds reflects qualification of the bonds under the Michigan School Bond Loan Program. The Standard&Poor's underlying rating (SPUR) reflects: An unlimited ad valorem tax pledge, Ongoing diversification through strong assessed valuation growth, Substantial employment opportunities in Macomb County and the Detroit MSA, and Good financial performance. Offsetting credit factors include very high debt levels, and growth and capital pressures stemming from high enrollment growth. The district serves a 25 square-mile area in southeastern Michigan with 90% of property value in Macomb County and the balance in St. Clair County. The city of New Baltimore is in the district as well as portions of three townships. Total district population is
