Summary: Lincoln Park School District, Michigan; General Obligation; School State Program

S&P Global Ratings has assigned its 'A' long-term rating to Lincoln Park School District, Mich.'s series 2019 limited-tax general obligation (GO) school building and site bonds. At the same time, we affirmed our 'A' underlying rating on the district's existing limited and unlimited GO bonds. The outlook is stable. It is our understanding that series 2019 bond proceeds will be used to finance various capital improvements to Hoover Elementary School. The series 2019 bonds are secured by a pledge of the district's full-faith-credit-and-resources and an agreement to levy ad valorem property taxes within its boundaries, subject to applicable constitutional and statutory tax rate limitations. We rate the limited-tax GO debt at the same level as our view of the district's

...S&P Global Ratings has assigned its 'A' long-term rating to Lincoln Park School District, Mich.'s series 2019 limited-tax general obligation (GO) school building and site bonds. At the same time, we affirmed our 'A' underlying rating on the district's existing limited and unlimited GO bonds. The outlook is stable. It is our understanding that series 2019 bond proceeds will be used to finance various capital improvements to Hoover Elementary School. The series 2019 bonds are secured by a pledge of the district's full-faith-credit-and-resources and an agreement to levy ad valorem property taxes within its boundaries, subject to applicable constitutional and statutory tax rate limitations. We rate the limited-tax GO debt at the same level as our view of the district's general creditworthiness given that ad valorem taxes are collected from the district's entire tax base and that there are no limitations on the fungibility of resources available for debt service. The district has outstanding...

Summary