Summary: Marquette Brownfield Redevelopment Finance Authority, Michigan Marquette; Tax Increment

S&P Global Ratings assigned its 'AA' long-term rating to the Marquette Brownfield Redevelopment Finance Authority, Mich.'s expected $6.0 million series 2021 tax increment, limited tax general obligation (LTGO) bonds, issued for the City of Marquette. The outlook is negative. The series 2021 tax increment LTGO bonds are payable from tax increment revenues from eligible property specified in the authority's brownfield plan. Marquette has pledged, pursuant to a resolution adopted on Sept. 30, 2019, its limited tax, full faith and credit as security for the payment of the bonds subject to applicable constitutional, statutory and charter tax rate limitations. Despite the limitations, we rate the LTGO debt at the same level as our view of the city's general creditworthiness as is

...S&P Global Ratings assigned its '##' long-term rating to the Marquette Brownfield Redevelopment Finance Authority, Mich.'s expected $6.0 million series 2021 tax increment, limited tax general obligation (LTGO) bonds, issued for the City of Marquette. The outlook is negative. The series 2021 tax increment LTGO bonds are payable from tax increment revenues from eligible property specified in the authority's brownfield plan. Marquette has pledged, pursuant to a resolution adopted on Sept. 30, 2019, its limited tax, full faith and credit as security for the payment of the bonds subject to applicable constitutional, statutory and charter tax rate limitations. Despite the limitations, we rate the LTGO debt at the same level as our view of the city's general creditworthiness as is expressed in the rating on unlimited-tax GO bonds due to the lack of limitations on the fungibility of resources available for debt service. Officials will use the series 2021 bond proceeds for capital projects, including,...

Summary