Standard&Poor's Ratings Services has assigned its 'A-' school issuer credit rating (ICR) and 'AA-' long-term program rating to Anchor Bay School District, Mich.'s unlimited-tax general obligation (GO) 2013 refunding bonds. At the same time, Standard&Poor's affirmed its 'AA-' long-term program rating and underlying rating and 'A-' ICR on the existing GO debt. The outlook is stable. The 'AA-' program rating reflects our view of the bonds that qualify for participation in the Michigan school bond qualification and loan program. The 'A-' ICR reflects our view of the district's: Persistent structural budgetary imbalances, which led to negative unassigned general fund reserves in 2012; Declining enrollment, which is directly tied to per pupil state aid; and High debt
