S&P Global Ratings lowered its rating on Durand , Mich.'s series 2019 and series 2021 general obligation (GO) bonds one notch to 'A' from 'A+'. The outlook is stable. The downgrade reflects the district's weakened financial position following two consecutive years of draws on reserves to nominally low levels. The rating is based on the application of our "Methodology For Rating U.S. Governments," published Sept. 9, 2024, on RatingsDirect. The city's full-faith-and-credit pledge to levy ad valorem property taxes on all taxable property in the city, subject to applicable constitutional and statutory limitations, secures the existing GO debt. The 'A' rating reflects our opinion of the city's nominally low reserve levels and its weak economy with limited growth prospects which
