Standard&Poor's Ratings Services affirmed its 'AAA' long-term rating on Ann Arbor, Mich.'s outstanding Michigan Transportation Fund (MTF) bonds. The outlook is stable. The rating reflects our view of: The statewide collection of pledged revenues distributed to the city; The stable trend of gas and weight tax receipts; and The expectation of limited additional future debt needs combined with strong protections against debt dilution that we believe will contribute to the city's maintenance of strong maximum annual debt service (MADS) coverage. The bonds are secured by a first-lien pledge of annual gas-and-weight taxes received at the local level from the state, according to state law Act 51, Public Acts of Michigan. The city has also pledged its limited-tax general
