The 'AAA' rating on Anchor Bay School District, Mich.'s unlimited-tax GO bonds reflects the qualification of the bonds under the Michigan School Bond Loan Program. The 'A-' Standard&Poor's underlying rating (SPUR) reflects the district's: Strong assessed valuation (AV) 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's unlimited-tax pledge secures the bonds. 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. Within the district are New Baltimore, Mich. and portions of three townships, including Chesterfield Township,
