S&P Global Ratings lowered its rating to 'A-' from 'A' on Vandercook Lake Public Schools, Mich.'s general obligation (GO) debt outstanding and removed the rating from Under Criteria Observation. The outlook is stable. The rating reflects the application of our "Methodology For Rating U.S. Governments," published Sept. 9, 2024. The district's full faith, credit, resources, and agreement to levy ad valorem property taxes, without limit as to rate or amount, secure the district's GO debt outstanding. The 'A-' rating reflects our view of Vandercook Lake Public Schools' historically breakeven financial results and healthy reserves in comparison to the budget; these are offset by its enrollment declines and below-average economic metrics. A potential new-money issuance could weaken the district's debt metrics,
