The rating on Kentwood Public Schools, Mich.'s energy conservation improvement limited-tax GO bonds reflects the district's limited-tax full faith and credit tax pledge. Credit factors include: Participation in the manufacturing-based Grand Rapids, Mich. area economy; Good financial performance; Above-average wealth and income levels; and Moderate debt levels. At the same time, Standard&Poor's affirms Kentwood Public Schools' unlimited-tax GO bond rating. The ratings are differentiated by one notch, reflecting the fact that the district is levying at its statutory levy limits. The district abuts Grand Rapids and shares in its sizable manufacturing-based economy with significant presence in the furniture, automobile parts, and consumer products industries. The largest area employers include: Meijer Inc. (9,000 employees); Spectrum Health (8,000), formerly Butterworth
