Summary: Harbor Springs Public Schools, Michigan; General Obligation Oct 10

Standard & Poors, October 2010

Abstract
Standard & Poor's Ratings Services assigned its 'AA' long-term rating to Harbor Springs Public Schools, Mich.'s series 2010 unlimited-tax general obligation (GO) school refunding bonds. At the same time, we affirmed our 'AA' underlying rating (SPUR) on the district's existing debt. The outlook on all ratings is stable. The ratings reflect our assessment of the district's: Steady tax base growth; Good to strong income levels and extremely strong market value per capita, reflecting the high value of second homes and resort properties; Very strong reserves and solid financial performance as a result of its dependence on property taxes, rather than state aid, for a majority of revenues; and Low debt as a percent of market value. The preceding credit strengths...

Companies mentioned in this report are: Harbor Springs Pub Schs
Action: Affirmed
Action: New Rating
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.

Harbor Springs Pub Schs

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