The 'AA-' rating on Lincoln Park City School District, Mich.'s unlimited-tax general obligation (GO) refunding bonds series 2008 reflects the district's participation in the state enhancement program. The 'BBB+' issuer credit rating (ICR) on the bonds is based on the following credit factors: Participation in the Detroit MSA, which provides access to a wide variety of employment opportunities; Average wealth and income levels as measured by market value per capita and effective buying income; and Moderate debt burden with limited additional capital needs. Offsetting these strengths is a growing structural imbalance brought on by declines in enrollment. The unlimited tax full faith and credit of the district secures the bonds. The district will use bond proceeds to refund outstanding debt.
