Standard&Poor's Ratings Services assigned its 'AA-' enhanced rating and 'A-' issuer credit rating (ICR) to Vandercook Lake Public Schools, Mich.'s series 2008 GO school building and site bonds. At the same time, the 'AA-' and 'A-' ratings on the district's parity debt were affirmed. The enhanced rating reflects the district's participation in the Michigan School Bond Loan Fund Program. The 'A-' ICR reflects the district's: Proximity to, and participation in, the Jackson, Mich. MSA; Mostly stable enrollment trends, which are directly tied to state aid; Good financial position evidenced by stable general fund reserves; and Average overall debt burden. These strengths are tempered by historically high unemployment rates throughout the local economy, as well as tax base concentration
