Summary: Gladwin Community Schools, Michigan; School State Program Jul 12

Standard & Poors, July 2012

Abstract
Standard & Poor's Ratings Services has assigned its 'AA-' program rating and 'A+' school issuer credit rating (ICR) to Gladwin Community Schools, Mich.'s series 2012 unlimited-tax general obligation (GO) refunding bonds. At the same time, we affirmed our 'AA-' program rating and 'A+' school ICR on the district's existing GO bonds. The outlook is stable. The 'AA-' program rating reflects the district's qualification for, and participation in, the Michigan School Bond Qualification and Loan Program. The 'A+' school ICR rating reflects our opinion of the district's: Adequate income levels and very strong market value per capita; Very strong general fund reserves with a trend of operating surpluses; Good financial management practices; and Low debt burden coupled with rapid amortization. Partially...

Companies mentioned in this report are: Gladwin Comnty 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.

Gladwin Comnty Schs

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