S&P Global Ratings assigned its 'A' underlying and 'AA-' long-term rating to Vandercook Lake Public Schools, Mich.'s series 2016 unlimited-tax general obligation (GO) refunding bonds. At the same time, we affirmed our 'A' underlying and 'AA-' long-term and underlying ratings (SPUR) on the district's previously rated GO debt. The outlook is stable for all ratings. The 'AA-' ratings reflect the district's participation in the Michigan State School Bond Loan Fund program. The underlying rating reflects the district's own credit quality, including our opinion of its: Relatively stable enrollment trend, which is directly tied to state aid revenues; Very strong general fund reserves; and Low-to-moderate overall net debt burden. We believe adequate income and wealth levels and budgetary stress from required
