Summary: Olivet Community Schools, Michigan; School State Program Aug 11

Standard & Poors, August 2011

Abstract
Standard & Poor's Ratings Services affirmed its 'AA-' program rating and 'A+' school issuer credit rating (ICR), with a stable outlook, on Olivet Community Schools, Mich.'s general obligation (GO) debt. The 'AA-' program rating reflects the qualification of the bonds under the Michigan State Aid Intercept program. The ICR reflects our opinion of the district's own credit quality, including its: Participation in the Lansing and Battle Creek economic areas; Steady enrollment trends, directly related to state aid revenue; Good income indicators, coupled with, what we consider, strong wealth; and Strong finances. We believe the district's moderately high-to-high debt somewhat offsets these strengths. The district's full-faith-and-credit pledge secures the GO debt. Olivet Community Schools encompasses approximately 109 square miles along the...

Companies mentioned in this report are: Olivet Comnty Schs
Action: Affirmed
Action: Outlook: Stable

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.

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.

Olivet Comnty Schs

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