S&P Global Ratings assigned its 'AA+' rating to Ann Arbor, Mich.'s series 2016 limited-tax general obligation (GO) parking facility refunding bonds. At the same time, we affirmed our 'AA+' ratings on the city's outstanding GO bonds. The outlook is stable. The bonds are secured by the city's limited ad valorem tax GO pledge. At the current rating level, we do not notch off the unlimited-tax GO debt. The city plans to use bond proceeds to refund outstanding GO bonds for interest cost savings. The 'AA+' rating reflects our assessment of the following factors for the city, specifically its: Very strong economy, with a local stabilizing institutional influence; Very strong management, with "strong" financial policies and practices under our financial management
