Standard&Poor's Ratings Services lowered its issuer credit rating (ICR) on Anchor Bay School District, Mich.'s general obligation (GO) debt to 'A' from 'A+'. The outlook is negative. We base the downgrade on what we view as the district's weakened financial reserves. At the same time, Standard&Poor's affirmed its 'AA-' long-term rating and underlying rating that was assigned to the district's previously issued debt based on the district's eligibility for, and participation in, the Michigan State School Bond Loan Fund program. The outlook is stable. The 'A' ICR reflects what we view as the district's: Recent general fund drawdowns with a projected low level of reserves at fiscal 2011; Declining enrollment, which is directly tied to per
