The 'AA-' standard long-term rating on Marquette, Mich.'s series 2008 limited-tax general obligation bonds reflects: A growing local economy that primarily revolves around tourism and mining; Very strong reserve levels, supported by good financial management; Revenue-raising flexibility given the city does not levy for property tax at its Headlee limit; and A low debt burden. Offsetting factors include: Adequate wealth and income levels; and Historically above-average unemployment levels, although in recent years the employment base has shown signs of improvement. The city will use bond proceeds to pay the costs of various capital improvement projects, specifically improvements to local streets and water and sewer facilities. The city has pledged its limited tax, full faith and credit as security for the
