The underlying rating on Anchor Bay School District, Mich.'s bonds reflects: Strong assessed valuation growth, A stable underlying economy benefiting from Macomb County and Detroit MSA employment opportunities, and Good financial performance. These factors are offset by high debt levels, coupled with substantial capital needs that will be addressed with $114 million of GO bonds. Security for the bonds is the district's unlimited ad valorem tax pledge. Tax base growth continues to be strong, with assessed valuation increasing more than 12% from 1998 and demonstrating average growth of over 8% per year since 1994. School enrollment continues to increase by about 4% annually, resulting in school year 1998-1999 enrollment of over 5,000. The district benefits from the expanding employment market
