S&P Global Ratings affirmed its 'A' long-term rating on Vandercook Lake Public Schools, Mich.'s previously rated general obligation (GO) bonds. The outlook is stable. The district's unlimited-tax GO pledge secures the bonds. Fiscal stability was recently challenged by rapidly declining enrollment as noted in our previous rating reports on Vandercook Lake Public Schools. For various reasons, the district has lost one-third of the enrollment over the past five years. We expect the district's financial position to be strengthened following receipt of federal stimulus funds and higher state aid revenues, which will likely result in a maintenance of the stronger reserves. We believe the district is well positioned to navigate moderate enrollment declines, but if the enrollment declines do not slow
