CHICAGO (Standard&Poor's) May 27, 2003—Standard&Poor's Ratings Services' raised its rating to 'AA-' from 'A+' on Kentwood Public Schools, Mich.'s outstanding GO bonds due to the presence of a strong management team that has controlled costs while providing quality education, and continued growth of the district's tax base. The outlook is stable. Standard&Poor's also assigned its 'AA-' rating to the district's $85.5 million general obligation unlimited-tax school building and site bonds series 2003. Additional credit characteristics include a local employment base anchored by Steelcase Inc., in addition to a diverse mix of commercial and industrial employment within the district; access to the wider Kent County economic base; stable financial operations with sufficient reserves; and limited
