...May 19, 2021 CHICAGO (S&P Global Ratings) May 19, 2021--S&P Global Ratings raised its long-term rating on the City of Durand, Mich.'s general obligation (GO) debt outstanding to 'A+' from 'A'. At the same time, S&P Global Ratings assigned its 'A+' long-term rating to Durand's $2.1 million series 2021 unlimited-tax GO street improvement bonds. The outlook on all ratings is stable. The city's full faith and credit pledge and ability to levy ad valorem property taxes, without limit to rate or amount, secure the bonds. The bonds are the third series approved by voters for various street improvements throughout Durand. "The upgrade reflects the city's strong financial performance over the past three years, nearly doubling Durand's available fund balance alongside a further surplus expected," said S&P Global Ratings credit analyst Stuart Nicol. "The upgrade also reflects our view of improvement in Durand's management practices and policies, which include the formalization of a minimum fund policy...
