S&P Global Ratings assigned its 'AA' rating to Grosse Ile Township Wayne County, Mich.'s series 2019 limited-tax general obligation (GO) capital improvement bonds. At the same time, we affirmed our 'AA' ratings on the township's outstanding GO bonds. The outlook is stable. The city's full-faith-and-credit limited-tax GO pledge secures the bonds and existing debt. The bonds are payable from ad valorem taxes levied on all taxable property, subject to statutory limitations. We rate the limited-tax GO debt at the same level as our view of the county's general creditworthiness given that ad valorem taxes are collected from the county's entire tax base and that there are no limitations on the fungibility of resources available for debt service. The township plans
