Standard&Poor's Ratings Services assigned its 'A' school issuer credit rating (ICR) and 'AA-' long-term rating to Vandercook Lake Public Schools, Mich.'s series 2014 refunding general obligation (GO) bonds. At the same time, we affirmed our 'A' school ICR and 'AA-' long-term and underlying ratings (SPUR) on the district's previously rated GO debt. The outlook on the school ICR is stable. The 'AA-' ratings reflect the district's participation in the Michigan State School Bond Loan Fund program. The outlook on these ratings is positive. The ICR reflects the district's own credit quality, including our opinion of its: Relatively stable enrollment trends, directly tied to state aid revenues; Very strong general fund reserves; and Low-to-moderate overall net debt burden. We
