S&P Global Ratings lowered its underlying rating to 'A' from 'A+' on Holt Public Schools , Mich.'s outstanding general obligation (GO) debt. The outlook is stable. The one-notch downgrade reflects our view of available reserves that are at levels more commensurate with those of lower-rated peers, and our anticipation that they will remain at this level despite the possibility of modest fund balance growth in fiscal years 2025 and/or 2026. The rating reflect the application of our " Methodology For Rating U.S. Governments ," published Sept. 9, 2024, on RatingsDirect. Voter-approved GO bonds are secured by the district's unlimited full-faith-and-credit pledge. Meanwhile, series 2021 energy conservation improvement bonds are secured by the district's limited-tax GO pledge due to applicable constitutional
