...S&P Global Ratings assigned its '##+' rating to Ann Arbor, Mich.'s series 2019 and 2019A limited-tax general obligation (GO) capital improvement refunding and capital improvement bonds. At the same time, we affirmed our '##+' long-term rating on the city's outstanding GO bonds. The outlook on all ratings is stable. In our view, the University of Michigan (UM) remains the economic anchor and a stabilizing institutional influence for the city and continues to provide economic and credit stability. In addition, the historical stability of the local economy and the city's strong financial management reflecting very strong budgetary flexibility and budgetary performance are key credit strengths. Although the city continues to make steps to manage its pension and other postemployment benefit (OPEB) liabilities, they remain high, in our opinion, and limit the rating. Nonetheless, we believe that given the city's financial strength and management, it is well positioned to keep absorbing these costs...
