Summary: Lake Orion Community School District, Michigan; General Obligation; School State Program

S&P Global Ratings assigned its 'AA' long-term rating and 'A+' underlying rating for credit program to Lake Orion Community School District (CSD), Mich.'s series 2019 unlimited-tax general obligation (GO) refunding bonds. At the same time, we affirmed our 'A+' underlying rating on the district's outstanding unlimited- and limited-tax GO debt. The outlook on all the ratings is stable. In our opinion, the district's credit qualities are supported by its good fiscal practices and recent years of sustained stable operations and good reserves in light of enrollment fluctuations. The rating also reflects the stability of its local economy. We believe, however, that its high fixed costs, with pension and debt service payments accounting for over 30%, constrain the rating. Nonetheless, the

...S&P Global Ratings assigned its '##' long-term rating and 'A+' underlying rating for credit program to Lake Orion Community School District (CSD), Mich.'s series 2019 unlimited-tax general obligation (GO) refunding bonds. At the same time, we affirmed our 'A+' underlying rating on the district's outstanding unlimited- and limited-tax GO debt. The outlook on all the ratings is stable. In our opinion, the district's credit qualities are supported by its good fiscal practices and recent years of sustained stable operations and good reserves in light of enrollment fluctuations. The rating also reflects the stability of its local economy. We believe, however, that its high fixed costs, with pension and debt service payments accounting for over 30%, constrain the rating. Nonetheless, the district continues to manage these costs without pressuring its reserves. The 'A+' underlying rating reflect our view of the district's: + Primarily residential status in Oakland County, with a General Motors...

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