The 'AA+' rating on Lake Orion Community School District, Mich.'s bonds reflects the district's qualification 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; Steady and consistent tax base growth; Above-average wealth and income levels; and Improving financial position. Offsetting these strengths are the district's high debt burden and slow amortization, combined with the pressures associated with enrollment growth. The district's full faith and 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
