Research Update: Port Huron, MI Series 2026 Sewerage Revenue Bonds Assigned 'A' Rating

S&P Global Ratings assigned its 'A' long-term rating to the City of Port Huron , Michigan's $11.8 million series 2026 sewerage revenue bonds. At the same time, we affirmed our 'A' long-term rating on the city's existing revenue bonds. The outlook is stable. A first lien on the net revenues of the sewer system secures the bonds. We view bond provisions as credit neutral; these include a rate covenant set to 1.1x annual debt service and an additional bonds test set to 1.1x average annual debt service. Management intends to use the series 2026 bond proceeds to fund improvements to the wastewater treatment plant, including two new roofs, rehabilitating final clarification systems, and other replacement and rehabilitation projects. Following this

...Standard Note: Most recent economic data available from our vendors. MHHEBIMedian household effective buying income. DSCDebt service coverage. Ratings List New Issue Ratings US$11.780 mil swg disp sys rev bnds ser 2026 due 11/01/2046 Long Term Rating A/Stable Ratings Affirmed Water & Sewer Port Huron, MI Sewer System Revenues A/Stable The ratings appearing below the new issues represent an aggregation of debt issues (ASID) associated with related maturities. The maturities similarly reflect our opinion about the creditworthiness of the U.S. Public Finance obligor's legal pledge for payment of the financial obligation. Nevertheless, these maturities may have...

Research Update