Standard & Poor's Ratings Services said it raised its school issuer credit rating (ICR) to A-minus from BBB-plus on Mason County Eastern School District, Mich.'s outstanding general obligation (GO) debt based on an improved financial position that is likely sustainable.
The outlook is stable.
"The district's financial position has improved significantly despite a long-term declining enrollment trend, which is tied to state aid," said Standard & Poor's credit analyst Blake Yocom. "An improving state revenue environment, minimal labor cost increases, and savings through retirements should allow for the district's significantly improved financial position to be maintained."
The district serves an estimated population of 3,751 in Mason County, on the shores of Lake Michigan, approximately 60 to 70 miles from both Grand Traverse and Muskegon.
