Standard and Poor's Rating Services said it raised its underlying rating to AA-minus from A-plus on Royal Oak School District, Mich.'s general obligation debt.
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The outlook is stable.
"The upgrade reflects our view of the district's significantly improved fund balance, primarily due to effective cost-saving measures undertaken in the past three fiscal years," said Standard & Poor's credit analyst Kathryn Clayton.
Royal Oak School District is located just 14 miles northwest of downtown Detroit and serves an estimated population of 58,238 in Oakland County. The district's income levels are strong.
