S&P Global Ratings assigned its 'AA+' long-term rating to Ada Township, Mich.'s series 2017 limited-tax general obligation (GO) capital improvement bonds. At the same time, we affirmed our 'AA+' rating on the township's outstanding GO debt. The outlook is stable. The series 2017 capital improvement bonds are secured by the township's limited-tax GO pledge. While the ad valorem property tax levy is subject to statutory limitations, we believe the township possesses the financial stability and flexibility to sustain identical ratings on its unlimited-tax and limited-tax GO bonds. The 2017 capital improvement bonds are the second issuance as part of the township's Envision Ada project, which includes renovation and improvement projects in the township's center. The rating reflects our view of
