...S&P Global Ratings assigned its 'A' long-term rating to Durand, Mich.'s series 2019 unlimited-tax general obligation (GO) street improvement bonds. The outlook is stable. The city's full faith and credit pledge and ability to levy ad valorem property taxes, without limit to rate or amount, secure the bonds. The bonds are the second of three series approved by voters for various street improvements throughout the city. The city plans to issue the third series in 2020. Durand is a small city along Interstate 69 between Flint and Lansing. While in commuting distance of both cities, Durand's more immediate local economy is fairly limited, and as such, incomes and market values are below national averages. However, the city does benefit from its central location and interstate access, and has been identified as the potential site of a large steel mill that, if completed, would more than quadruple the city's tax base. While we believe this would create tax base concentration, overall we would...
