Standard & Poor's Ratings Services said it lowered its long-term and underlying rating to AA-minus from AA on Grosse Pointe Public School System, Mich.'s outstanding general obligation bonds.
The outlook on all ratings is stable.
"The lowered rating reflects our view of the district's weakened financial position, although we anticipate reserves will begin to improve in fiscal 2014," said Standard & Poor's credit analyst Caroline West. "The lowered rating further reflects our view of the district's declining enrollment, although the reductions have lessened," West added.
Grosse Pointe Public School System (population 50,522) serves a 13-square-mile area approximately eight miles northeast of Detroit in Wayne County. The system is made up of the cities of Grosse Pointe, Grosse Pointe Farms, Grosse Pointe Park, and Grosse Pointe Woods and portions of the city of Harper Woods and the village of Grosse Pointe Shores.
