S&P Global Ratings assigned its 'AA+' rating and stable outlook to Ada Township, Mich.'s roughly $15.75 million series 2021 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-and-credit pledge and agreement to levy taxes on all taxable property--within constitutional, statutory, and charter limitations--secure the series 2021 bonds and existing GO debt. Despite these limitations, we rate the debt at the same level as our view of the township's general creditworthiness due to a lack of limitations on the fungibility of resources available for debt service. Officials plan to use series 2021 bond proceeds to fund various capital projects townshipwide. The rating reflects our opinion
