Standard&Poor's Ratings Services has raised its issuer credit rating (ICR) on Anchor Bay School District, Mich.'s general obligation (GO) debt to 'A+' from 'A-', based on the district's very strong financial reserves despite expected general fund deficits. The district's series 2009 GO unlimited-tax refunding bonds have been assigned an 'A+' ICR. In our opinion, the 'A+' ICR reflects the district's: Participation in the diverse Macomb County economy and access to additional employment opportunities throughout southeastern Michigan; Strong income and wealth indicators; Stable enrollment trends, which are linked to state aid; and Maintenance of a strong level of financial reserves despite recent general fund drawdowns. These strengths are offset by what we consider to be a moderately high debt
