Standard&Poor's Ratings Services affirmed its 'AA-' underlying rating (SPUR) and 'BBB+' issuer credit rating (ICR) on Lincoln Park City School District, Mich.'s previously issued general obligation (GO) debt. The outlook is stable. The 'AA-' SPUR reflects the district's participation in the state enhancement program. The 'BBB+' ICR reflects our view of the district's: Recent trend of general fund drawdowns although we understand new management is projecting to keep the unreserved general fund balance positive through fiscal 2012 despite further per-pupil state aid cuts; Only adequate general fund reserves; and Declining enrollment although we understand enrollment stayed flat in fiscal 2011. Partially tempering these weaknesses is our view of the district's good income levels, good financial management under our
