Holt Public Schools, MI Outlook Revised To Stable From Negative On Projected Balanced Budget

CHICAGO (Standard&Poor's) Feb. 25, 2016--Standard&Poor's Ratings Services has revised its outlook to stable from negative on Holt Public Schools, Mich.'s series 2007 unlimited-tax general obligation (GO) refunding bonds and its series 2010 limited-tax GO energy conservation improvement bonds. At the same time, we affirmed our 'A+' rating on the bonds. "The outlook revision reflects our view of the district's projected return to a balanced budget by the end of the current fiscal year," said Standard&Poor's credit analyst Scott Nees, "following a multiyear structural imbalance in its operating budget." The district made significant cuts to offset the imbalance and concurrently saw revenue improvements, together narrowing the budget gap from fiscal 2012 onwards. For fiscal 2016,

...CHICAGO (Standard & Poor's) Feb. 25, 2016--Standard & Poor's Ratings Services has revised its outlook to stable from negative on Holt Public Schools, Mich.'s series 2007 unlimited-tax general obligation (GO) refunding bonds and its series 2010 limited-tax GO energy conservation improvement bonds. At the same time, we affirmed our 'A+' rating on the bonds. "The outlook revision reflects our view of the district's projected return to a balanced budget by the end of the current fiscal year," said Standard & Poor's credit analyst Scott Nees, "following a multiyear structural imbalance in its operating budget." The district made significant cuts to offset the imbalance and concurrently saw revenue improvements, together narrowing the budget gap from fiscal 2012 onwards. For fiscal 2016, we expect the district to see a balanced budget based on management's current projections, which, in our view, adequately demonstrates that its operations and overall financial position have stabilized. The district's...

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