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

S&P Global Ratings assigned its 'AA-' enhanced program rating and 'A' underlying rating for credit program to Anchor Bay School District, Mich.'s series 2017 unlimited-tax general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'A' underlying rating on the district's debt outstanding. The outlook on all ratings is stable. The enhanced program rating reflects the district's participation in the Michigan State School Bond Qualification and Loan program. Under this program, if a school district fails to meet its debt service obligation for qualified debt, the state treasurer pays the required debt service and payment to bondholders is uninterrupted. The series 2017 bonds are secured by an unlimited-tax GO pledge of the district. The bond proceeds will

...S&P Global Ratings assigned its '##-' enhanced program rating and 'A' underlying rating for credit program to Anchor Bay School District, Mich.'s series 2017 unlimited-tax general obligation (GO) bonds. At the same time, S&P Global Ratings affirmed its 'A' underlying rating on the district's debt outstanding. The outlook on all ratings is stable. The enhanced program rating reflects the district's participation in the Michigan State School Bond Qualification and Loan program. Under this program, if a school district fails to meet its debt service obligation for qualified debt, the state treasurer pays the required debt service and payment to bondholders is uninterrupted. The series 2017 bonds are secured by an unlimited-tax GO pledge of the district. The bond proceeds will be used to finance various maintenance and improvement projects at the district. The underlying reflects our view of the district's:...

Summary