The 'AA+' rating on Anchor Bay School District, Mich.'s bonds reflects qualification of the bonds under the Michigan School Bond Loan Program. The 'A-' Standard&Poor's underlying rating (SPUR) reflects: An unlimited ad valorem tax pledge, Strong assessed valuation growth, Substantial employment opportunities in Macomb County and the Detroit MSA, and Good financial performance. Offsetting credit factors include: Very high debt levels, Growth and capital pressures, and Diversifying but still substantial automotive employment concentration in Macomb County. The district serves a 25 square-mile area in southeastern Michigan, with 90% of property value in Macomb County and the balance in St. Clair County. Within the district is the city of New Baltimore (population 5,800) and portions of three townships, including
