CHICAGO (Standard & Poor's) Aug. 11, 2004ùStandard & Poor's Ratings Services has assigned its 'AA+' enhanced rating and 'A-' underlying rating (SPUR) to Vandercook Lake Public Schools, Mich.'s $5.11 million 2004 unlimited-tax general obligation refunding bonds. The bonds are scheduled to sell on Aug. 12. The outlook is stable. The 'A-' SPUR reflects participation in the Jackson, Mich. metropolitan statistical area; growing enrollment, which is linked to state aid; solid financial position; and moderate overall debt burden. "These strengths are tempered by a local economy that has experienced a rise in unemployment levels over the past few years and moderate taxpayer concentration," said Standard & Poor's credit analyst Corey Friedman. The bonds are secured by the district's unlimited-tax general obligation
