The 'AAA' rating on Lake Orion Community School District, Mich.'s bonds reflects their qualification for participation in the Michigan State School Bond Loan Fund program. The 'A' Standard&Poor's underlying rating (SPUR) reflects the district's: Primarily residential status in Oakland County with the local economy anchored by a General Motors Corp. (GM) facility, Above-average wealth and income levels, and Steady and consistent tax base growth. Offsetting these strengths are the district's: Uneven financial performance, High debt burden, and Slow debt rolloff. The district's full faith and GO credit pledge secures the bonds. As additional security, the bonds are qualified for participation in the Michigan State School Bond Loan Fund program. The district is centrally located in Oakland County ('AAA'
