Standard&Poor's Ratings Services assigned its 'AA-' rating, with a stable outlook, to Marquette, Mich.'s series 2009 limited-tax general obligation (GO) and refunding bonds. At the same time, Standard&Poor's affirmed its 'AA-' underlying rating (SPUR) on Marquette's GO debt. The rating 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 overall net debt burden as a percent of market value. 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 bonds
