Standard&Poor's Ratings Services assigned its 'AA+/A+' (SPUR) rating to Romeo Community School District, Mich.'s refunding bonds, series 2005, and affirmed its 'AA+' and A+' underlying ratings (SPUR) on the district's outstanding debt. The 'AA+' rating is based on the bonds' qualification under the Michigan School Bond Loan Fund program. The 'A+' Standard&Poor's underlying rating (SPUR) reflects the district's: Primarily residential tax base, in growing Macomb County, with participation in the Detroit MSA; High wealth and income levels; Increasing student enrollment, although slowed compared to historic trends; and Adequate financial position, despite eroding general fund reserves. High taxpayer concentration tempers the district's credit strengths. The district (population: 26,200) serves a 94-square-mile area in northwest Macomb County that
