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Anchor Bay School District, MI ICR Lowered To 'A' From 'A+' On Weakened Financial Reserves
Standard & Poors, April 2011
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
Abstract
CHICAGO (Standard & Poor's) April 28, 2011--Standard & Poor's Ratings Services lowered its issuer credit rating (ICR) on Anchor Bay School District, Mich.'s general obligation (GO) debt to 'A' from 'A+'. The outlook is negative. 'We base the downgrade on what we view as the district's weakened financial reserves,' said Standard & Poor's credit analyst Christopher Krahe. At the same time, Standard & Poor's affirmed its 'AA-' long-term rating and underlying rating that was assigned to the district's previously issued debt based on the district's eligibility for, and participation in, the Michigan State School Bond Loan Fund program. The outlook is stable. The 'A' ICR reflects what we view as the district's: Recent general fund drawdowns with a projected low...
Companies mentioned in this report are: Anchor Bay Sch Dist
Action: Affirmed
Action: Downgraded
Action: Outlook: Negative
Action: Outlook: Stable
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