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Summary: Saginaw City School District, Michigan; School State Program Jun 11
Standard & Poors, June 2011
Standard & Poor's Ratings Services lowered its school issuer credit rating (ICR) on Saginaw City School District, Mich.'s general obligation (GO) debt one notch to 'BBB+' from 'A-' based on Standard & Poor's assessment of the district's annual general fund balance drawdowns and projected negative fund balance at fiscal year-end 2011. The outlook is stable. At the same time, Standard & Poor's affirmed its 'AA-' program rating, with a stable outlook, on the district's GO bonds based on its eligibility for, and participation in, the Michigan State School Loan Bond Loan program. The ICR also reflects our view of the district's: Local economy, beleaguered by, what we consider, high unemployment; Economic indicators that range from low-to-adequate; and Enrollment decline, directly...
Companies mentioned in this report are: Saginaw City Sch Dist
Action: Outlook: Stable
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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
Saginaw City Sch Dist