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Grand Rapids Public Schools, MI's Bond Rating Outlook Revised To Stable On Improved Reserves May 11 Product Image

Grand Rapids Public Schools, MI's Bond Rating Outlook Revised To Stable On Improved Reserves May 11

  • Published: May 2011
  • Standard & Poors

Abstract
CHICAGO (Standard & Poor's) May 20, 2011--Standard & Poor's Ratings Services revised the rating outlook to stable from negative on Grand Rapids Public Schools, Mich.'s debt outstanding. At the same time, Standard & Poor's affirmed its 'AA-' long-term rating and underlying rating (SPUR) on the district's general obligation (GO) bonds and certificates of participation. "The outlook revision is due to our view of the district's improved reserve position and management's ability to implement budgetary adjustments in response to declining enrollment and the uncertainty of state funding," said Standard & Poor's credit analyst Blake Yocom. The district managed to reverse its trend of operating deficits in fiscal 2010, restoring reserves to a level not seen since before fiscal 2004. The large,...

Companies mentioned in this report are: Grand Rapids Pub Schs
Action: Affirmed
Action: Outlook: Stable

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