Standard & Poor's Ratings Services said it raised its underlying rating on Lincoln Park City School District, Mich.'s general obligation bonds to A-minus from BBB-plus.
Processing Content
The outlook is stable.
"The upgrade is based on our assessment of the district's recently improved budgetary performance, which has strengthened its budgetary flexibility as evidenced by strong reserves," said Standard & Poor's credit analyst Errol Arne.
The district posted a $1.3 million surplus in fiscal 2014 (June 30) and is projecting a similar amount for fiscal 2015. The district's unlimited-tax, full-faith-and-credit GO pledge secures the bonds.
