S&P Global Ratings assigned its 'AA+' rating and stable outlook to Ada Township, Mich.'s roughly $9.675 million series 2020 limited-tax general obligation (GO) capital improvement bonds and affirmed its 'AA+' rating, with a stable outlook, on the township's existing GO debt. The township's full-faith-credit-and-resources pledge and agreement to levy ad valorem property taxes, as to rate and amount, within Michigan limitations secure the bonds. Despite these limitations, we rate the limited-tax GO debt on par with our view of Ada's general creditworthiness due to a lack of limitations on the fungibility of resources available for debt service. We could lower the rating if budgetary performance were negative, coupled with deteriorating very strong budgetary flexibility and liquidity. Officials intend to use
