Standard&Poor's Ratings Services assigned its 'AA-' long-term rating and 'A' issuer credit rating (ICR) to Anchor Bay School District, Mich.'s series 2012 unlimited-tax general obligation (GO) refunding bonds. We also affirmed our 'AA-' enhanced program rating and 'A' ICR on the district's previously issued GO debt. The outlook on the enhanced program rating is stable, and the outlook on the ICR is negative. The 'AA-' enhanced program rating on the district's 2012 bonds and on its previously issued debt reflects the district's eligibility for, and participation in, the Michigan State School Bond Loan Fund program. The 'A' ICR reflects our view of the district's: Recent general fund drawdowns, with an unassigned general fund balance at the end of
