Whitmore Lake PSD, Mich., Downgraded to A-Minus by S&P

Standard & Poor's Rating Services said it lowered its underlying rating to A-minus from A on Whitmore Lake Public School District, Mich.'s outstanding general obligation debt.

The outlook is negative.

"The lowered rating action reflects our view of the district's persistent structurally imbalanced operations, which have led to sizable draws on the available reserves," said Standard & Poor's credit analyst Antionette Maxwell. "The rating is further depressed by our view of the district's decreasing student enrollment and high debt burden."

The primarily residential district occupies approximately 24 square miles in Washtenaw and Livingston counties just nine miles north of Ann Arbor. Although employment in the district's local economy is limited, residents have access to Ann Arbor, Detroit, and other surrounding areas.

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