S&P Global Ratings assigned its 'AA+' rating and stable outlook to Ada Township, Mich.'s roughly $1.695 million series 2021 limited-tax general obligation (GO) refunding bonds and affirmed its 'AA+' rating, with a stable outlook, on the township's existing GO debt. Officials intend to use series 2021 GO bond proceeds to refund series 2011B capital improvement bonds for interest savings with no extension to maturities. The township's limited full-faith-and-credit pledge secures the GO bonds. We rate the debt at the same level as our view of the township's general creditworthiness because there are no significant resource-fungibility limitations. Ada is at the eastern edge of the Grand Rapids metropolitan statistical area (MSA). We think the local economy will likely remain healthy during
