Standard & Poor's Ratings Services said it raised its long-term and underlying rating to AA from AA-minus on Farmington Public School District, Mich.'s general obligation state program rating.
At the same time, Standard & Poor's assigned its AA issuer credit rating to the district. Finally, Standard & Poor's affirmed its AA-minus long-term rating and SPUR and AA ICR on the district's existing GO bonds. The outlook on all ratings is stable.
"The ICR reflects our view of the district's strong financial position and low to very low overall debt burden," said Standard & Poor's credit analyst Antionette Maxwell. "Further supporting the rating is residents' access to a variety of employment opportunities," Maxwell added.
Farmington Hills, Farmington, and a portion of West Bloomfield Charter Township form the bulk of the 34.5-square-mile district, which serves a population 83,492.