...S&P Global Ratings assigned its '##-' long-term program rating and 'A' underlying rating to Concord Community Schools, Mich.'s general obligation (GO) unlimited-tax school building and site bonds. The outlook on the underlying rating is stable, while the outlook on the long-term program rating is positive and reflects that of the state. The '##-' long-term program rating reflects our view of the district's participation in the Michigan School Bond Qualification and Loan Program. The program provides school bonds with added security through a state aid withholding mechanism that has statutory provisions that we consider strong. Upon state approval, the agreement between the state and local school district for program participation is irrevocable as long as any eligible bonds are outstanding. The rating on obligations that have received enhancements under the program is on par with, and moves in tandem with, the state's rating. The 'A' underlying rating reflects our view of the district's...
