...S&P Global Ratings assigned its '##' long-term rating to the Marquette, Mich.'s series 2017 general obligation (GO) limited-tax and refunding bonds, reflecting the limited-tax GO pledge of Marquette. At the same time, we affirmed our '##' long-term rating and underlying rating (SPUR) on the city's existing GO debt and debt. The outlook is stable. The city's full faith, credit, and resources and an agreement to levy ad valorem property taxes within Michigan limitations as to rate and amount secure the bonds. The city will use up to $11 million of the series 2017 bond proceeds to finance various construction and improvement projects through the city, and the remainder to advance refund the series 2009 limited-tax bonds for interest savings. Certain debt outstanding is also secured with tax increment revenue. Our rating is based on the city's full-faith-credit-and-resource limited-tax GO pledge, which we consider the stronger pledge on these bond issues. The '##' ratings reflect our view of...
