The 'AA' rating on Anchor Bay School District, Mich.'s unlimited-tax GO refunding bonds series 2006 reflects the qualification of the bonds under the Michigan School Bond Loan program. The 'A-' school issuer credit rating (school ICR) reflects the district's: Slowly growing enrollment due to continued housing starts within the district; Participation in the Detroit metropolitan area economy; and Good financial performance. Tempering these strengths are very high debt levels. The district's unlimited-tax pledge secures the bonds. 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 are the city of New Baltimore and portions of three townships, including Chesterfield Township. Total district population
