Standard&Poor's Ratings Services has affirmed its 'A+' underlying rating on Holt Public Schools, Mich.'s outstanding general obligation (GO) debt. The outlook is negative. The negative outlook reflects our view of the structural imbalance in the district's operating budget, which has significantly weakened the school's reserves position, as well as our view of the potential for further deterioration within the next few years. The 'A+' rating reflects our view of the district's: Proximity to the broad and diverse economy of the Lansing metropolitan area; Good incomes and adequate per capita market value; Strong reserves as of the most recent audited fiscal year, though with additional drawdowns possible in the current and next years. Offsetting these strengths are the aforementioned
