...January 28, 2020 CHICAGO (S&P Global Ratings) Jan. 28, 2020--S&P Global Ratings assigned its 'A+' long-term rating to Port Huron, Mich.'s series 2020 pension obligation bonds (POBs). At the same time, we affirmed our 'A+' long-term rating on all of the city's previously rated general obligation (GO) bonds. The outlook is stable. "The city's strong performance, strong management, very strong flexibility and liquidity, and gradually improving economic metrics support the rating," said S&P Global Ratings credit analyst Ana Uboytseva, "but its large unfunded pension and other postemployment benefit liabilities are a credit weakness, which it is trying to address with all available measures. Our credit opinion incorporates the potential that the city's POB issuance will add to pension cost volatility and that potential savings from the transaction could be eliminated if there is a market correction that generates new unfunded liability." The city's full-faith-and-credit limited-tax GO pledge...
