Springport Public Schools, Mich., Upgraded to A by S&P

Standard & Poor's Ratings Services said it raised its issuer credit rating on Springport Public Schools, Mich. to A from A-minus.

The outlook is stable.

"The upgrade reflects the district's improved and stabilized financial position," said Standard & Poor's credit analyst John Sauter.

The A school ICR also reflects: a mostly stable local employment and enrollment base, enhanced by access to broad and diverse employment opportunities in Battle Creek, Lansing, and Ann Arbor; general fund reserves that have risen to a level we consider very strong; and moderate overall debt burden and moderate debt service carrying charges, with no additional debt plans.

At the same time, Standard & Poor's affirmed its AA-minus long-term and underlying ratings on debt issued by Springport Public Schools, reflecting the district's eligibility for, and participation in, the Michigan school bond qualification loan program.

The bonds are secured by the district's unlimited-tax full faith and credit pledge.

Springport Public Schools serves an estimated 5,772 residents over a 100-square-mile area mostly in portions of Jackson and Calhoun counties.

The stable outlook on the AA-minus ratings reflects Standard & Poor's opinion of the outlook on Michigan's GO debt rating. The stable outlook on the A rating reflects the expectation that the district will maintain at least good reserves and steady enrollment.

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