...S&P Global Ratings assigned its '##' rating to Grosse Ile Township, Mich.'s series 2016 limited-tax general obligation (GO) capital improvement bonds. At the same time, we affirmed our '##' ratings on the township's outstanding GO bonds. The outlook is stable. The bonds are secured by the township's limited ad valorem tax GO pledge. Each year, the township is obligated to include in its budget as a first budget obligation an amount sufficient to pay debt service subject to applicable statutory and constitutional and statutory taxable limitations. At the current rating level, we rate the limited-tax GO debt on par with unlimited-tax GO debt. The township plans to use bond proceeds for water supply system improvements and intends to pay debt service from enterprise revenues. The '##' rating reflects our assessment of the following factors for the township, specifically its: + Strong economy, with access to a broad and diverse metropolitan statistical area (MSA), yet significant population...
