S&P Global Ratings assigned its 'AAA' long-term rating to Ann Arbor , Mich.'s $35 million series 2026 limited tax general obligation (GO) capital improvement bonds. At the same time, we affirmed our 'AAA' long-term rating on the city's GO debt outstanding. The outlook is stable. The city's limited tax full faith and credit and agreement to levy ad valorem property taxes, within statutory and constitutional tax limitations, secure the bonds. We rate the city's limited tax GO debt on par with our view of its general creditworthiness given the fungibility of resources available for debt service. Series 2026 bond proceeds will be used to finance various capital improvements, including the construction of affordable housing developments. The rating reflects our view
