Summary: Marquette Brownfield Redevelopment Finance Authority, Michigan Marquette; General Obligation; General Obligation Equivalent Security

S&P Global Ratings assigned its 'AA' long-term rating to the City of Marquette Brownfield Redevelopment Finance Authority, Mich.'s series 2017 taxable limited-tax general obligation (GO) tax increment bonds, reflecting the limited-tax GO pledge of the City of Marquette, Mich. At the same time, we affirmed our 'AA' long-term rating and underlying rating (SPUR) on the city's existing GO debt. The outlook is stable. The series 2017 limited-tax GO tax increment bonds, and other outstanding debt issued by the brownfield redevelopment finance authority, are secured by the city's full faith and credit and resources, including an agreement to levy ad valorem property taxes within state limitations as to rate and amount. We understand the city expects to pay debt service from

...S&P Global Ratings assigned its '##' long-term rating to the City of Marquette Brownfield Redevelopment Finance Authority, Mich.'s series 2017 taxable limited-tax general obligation (GO) tax increment bonds, reflecting the limited-tax GO pledge of the City of Marquette, Mich. At the same time, we affirmed our '##' long-term rating and underlying rating (SPUR) on the city's existing GO debt. The outlook is stable. The series 2017 limited-tax GO tax increment bonds, and other outstanding debt issued by the brownfield redevelopment finance authority, are secured by the city's full faith and credit and resources, including an agreement to levy ad valorem property taxes within state limitations as to rate and amount. We understand the city expects to pay debt service from pledged tax increment revenue collected within the Marquette Brownfield Redevelopment District. Our rating is based on the city's full-faith-credit-and-resource limited-tax GO pledge, which we feel is the stronger pledge. Securing...

Summary