Standard&Poor's Ratings Services has lowered to 'A-' from 'A' its school issuer credit rating (ICR) on Anchor Bay School District, Mich.'s unlimited-tax general obligation (GO) refunding bonds. The outlook is stable. The downgrade reflects our view of the district's persistent structural imbalances and that the reserves are not commensurate with a 'A' rating. At the same time, we affirmed our 'AA-' program rating on the existing GO debt that qualifies for the state program. The 'AA-' program rating reflects our view of the bonds that qualify for participation in the Michigan school bond qualification and loan program. The outlook on 'AA-' program rating is stable. The 'A-' ICR reflects our view of the district's: Persistent structural budgetary imbalances,
