Summary: Anchor Bay School District, Michigan; School State Program

Standard&Poor's Ratings Services raised its underlying rating for credit program to 'A' from 'A-' on the Anchor Bay School District, Mich.'s unlimited-tax general obligation (GO) bonds. The higher rating is supported by the district's successful implementation of expense management that has led to positive operating results in recent fiscal years, rebuilding its available general fund reserves. At the same time, Standard&Poor's assigned its 'A' underlying rating and 'AA-' long-term rating to the district's series 2016A and 2016B refunding unlimited-tax GO bonds. The outlook on the underlying ratings is stable, and that on the enhanced rating is positive. The 'AA-' rating reflects the district's participation in and eligibility for the Michigan School Bond Qualification and Loan Program

...Standard & Poor's Ratings Services raised its underlying rating for credit program to 'A' from 'A-' on the Anchor Bay School District, Mich.'s unlimited-tax general obligation (GO) bonds. The higher rating is supported by the district's successful implementation of expense management that has led to positive operating results in recent fiscal years, rebuilding its available general fund reserves. At the same time, Standard & Poor's assigned its 'A' underlying rating and '##-' long-term rating to the district's series 2016A and 2016B refunding unlimited-tax GO bonds. The outlook on the underlying ratings is stable, and that on the enhanced rating is positive. The '##-' rating reflects the district's participation in and eligibility for the Michigan School Bond Qualification and Loan Program pursuant to Act 92. The bonds are secured by an unlimited GO pledge of the district. The bond proceeds will be used refund all or a portion of the district's GO bonds for interest cost savings. The 'A'...

Summary