The rating on Kentwood Public Schools, Mich.'s outstanding GO bonds has been raised to 'AA-' from 'A+'. The district's $85.5 million GO unlimited-tax school building and site bonds series 2003 has been rated 'AA-' The outlook is stable. The upgrade is due to the presence of a strong management team that has controlled costs while providing quality education, and continued growth of the district's tax base. Additional credit characteristics include: A local employment base anchored by Steelcase Inc., in addition to a diverse mix of commercial and industrial employment within the district; Access to the wider Kent County economic base; Stable financial operations with sufficient reserves; and Limited capital needs going forward, with the presence of a sinking fund levy
