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S&P lifts L'anse Creuse schools, Mich., to AA+
Standard & Poor's said it raised its issuer credit rating to AA+ from AA on L'anse Creuse Public Schools, Mich.'s general obligation bonds.
S&P also said it assigned an AAA/A-1+ long-term rating and AA+ issuer credit rating to the district's $70.13 million of series 2008 unlimited-tax G.O. school building and site bonds.
The outlook is stable.
The long-term rating on the series 2008 bonds is based on insurance from Financial Security Assurance Inc., which is rated AAA with stable outlook. The short-term rating reflects a standby bond purchase agreement from JPMorgan Chase Bank NA, which is rated AA/A-1+.
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