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 enhanced rating has been placed on CreditWatch with negative implications reflecting the placement of Michigan's GO debt rating on CreditWatch. 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, Mich. MSA, and Good financial performance. Offsetting credit factors include: Very high debt levels, 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
