Standard&Poor's Ratings Services assigned its 'AA-' long-term rating to Kentwood Public Schools, Mich.'s series 2012 unlimited-tax general obligation (GO) refunding bonds. At the same time, we affirmed our 'AA-' long-term rating and underlying rating (SPUR) on the district's unlimited-tax GO debt outstanding. The ratings reflect our view of: The district's participation in the deep Grand Rapids economic base; The district's strong general fund reserves; Recent increases in district enrollment, which is linked to state aid; and The district's limited future capital needs, with the presence of a sinking fund levy that provides the district with funding for ongoing capital maintenance. Partially offsetting the preceding credit strengths is our view of the district's planned use of reserves to maintain
