School District Of The City Of Lincoln Park, MI GO Debt Rating Raised To 'A' On Strong General Fund Performance

NEW YORK (S&P Global Ratings) Jan. 17, 2017--S&P Global Ratings raised its underlying rating for credit program on School District of the City of Lincoln Park, Mich.'s outstanding general obligation (GO) debt to 'A' from 'A-'. At the same time, S&P Global Ratings assigned its 'AA-' long-term rating and 'A' underlying rating for credit program to the district's series 2017 GO refunding bonds. The outlook on both ratings is stable. "The raised rating is based on our assessment of the district's recent strong general fund performance with three straight surpluses in its general fund including the most recent audit, June 30, 2016, which reflected reserves built up to a level we view as very strong," said S&P Global Ratings credit

...NEW YORK (S&P Global Ratings) Jan. 17, 2017--S&P Global Ratings raised its underlying rating for credit program on School District of the City of Lincoln Park, Mich.'s outstanding general obligation (GO) debt to 'A' from 'A-'. At the same time, S&P Global Ratings assigned its '##-' long-term rating and 'A' underlying rating for credit program to the district's series 2017 GO refunding bonds. The outlook on both ratings is stable. "The raised rating is based on our assessment of the district's recent strong general fund performance with three straight surpluses in its general fund including the most recent audit, June 30, 2016, which reflected reserves built up to a level we view as very strong," said S&P Global Ratings credit analyst Errol Arne. The bonds are secured by the district's full faith and credit and power to levy unlimited ad valorem taxes. S&P Global Ratings' understands that bond proceeds will be used to refinance the series 2007 bonds for interest cost savings only. The '##-'...

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