Summary: Ann Arbor, Michigan; General Obligation

S&P Global Ratings assigned its 'AA+' rating to Ann Arbor, Mich.'s series 2017 limited-tax general obligation (GO) court and police facilities refunding bonds. At the same time, we affirmed our 'AA+' long-term rating and underlying rating (SPUR) on the city's outstanding GO bonds. The outlook on all ratings is stable. The 2017 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. We believe the city possesses the financial stability and flexibility to sustain identical ratings on its unlimited- and limited-tax GO bonds. Bond proceeds will be used

...S&P Global Ratings assigned its '##+' rating to Ann Arbor, Mich.'s series 2017 limited-tax general obligation (GO) court and police facilities refunding bonds. At the same time, we affirmed our '##+' long-term rating and underlying rating (SPUR) on the city's outstanding GO bonds. The outlook on all ratings is stable. The 2017 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. We believe the city possesses the financial stability and flexibility to sustain identical ratings on its unlimited- and limited-tax GO bonds. Bond proceeds will be used to advance refund the city's 2008 court and police facilities capital improvement limited tax GO bonds for interest cost savings. The city's series 2015 open space preservation refunding limited tax GO bonds are secured by a statutory first lien on a half-mill levy...

Summary