...S&P Global Ratings affirmed its '###' 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 very strong maximum annual debt service (MADS) coverage. The MTF bonds are secured by a first-lien pledge of state-collected annual gas and weight taxes (MTF revenue) returned to the county road commission from the MTF for highway and road purposes, pursuant to Act 51, as amended. As additional security, the county has pledged its limited-tax GO. Per our multiple revenue stream criteria, if one revenue stream is the intended payment source and the other, pledged separately, is provided as additional enhancement,...
