S&P Global Ratings revised its outlook on Anchor Bay School District, Mich.'s general obligation (GO) debt to stable from negative. At the same time, S&P Global Ratings affirmed its 'A-' rating on the district's GO debt. The rating action reflects actions management has taken to return to balanced operations, coupled with the expectation of it planning to grow available reserves in coming years. The district's full-faith-and-credit pledge and power to levy unlimited ad valorem taxes secure the bonds. Expenditure cuts, a 10-year enhancement millage from Macomb County, and federal stimulus have helped management achieve positive budgetary performance after posting general fund deficits in three of the previous four years. These actions are part of management's plan to build available reserves
