Summary: Marquette, Michigan; General Obligation; General Obligation Equivalent Security

S&P Global Ratings assigned its 'AA' long-term rating to the city of Marquette, Mich.'s $5.09 million series 2019 limited-tax general obligation (GO) capital improvement bonds. S&P Global Ratings also affirmed its 'AA' long-term rating and underlying rating (SPUR) on the city's existing GO debt. The outlook on all ratings is stable. Management's proactive strategy in anticipating the closing of the We Energies power plant, which was the city's largest taxpayer, resulted in the city being well position financially and possesses the flexibility to sustain itself over the coming years. With the looming closing of the facility, management took a number of steps, including, increasing utility rates and adding to reserves. In our view, the city's budget flexibility and liquidity are

...S&P Global Ratings assigned its '##' long-term rating to the city of Marquette, Mich.'s $5.09 million series 2019 limited-tax general obligation (GO) capital improvement bonds. S&P Global Ratings also affirmed its '##' long-term rating and underlying rating (SPUR) on the city's existing GO debt. The outlook on all ratings is stable. Management's proactive strategy in anticipating the closing of the We Energies power plant, which was the city's largest taxpayer, resulted in the city being well position financially and possesses the flexibility to sustain itself over the coming years. With the looming closing of the facility, management took a number of steps, including, increasing utility rates and adding to reserves. In our view, the city's budget flexibility and liquidity are very strong, and therefore, has the resources to maintain services over the coming years as its revenue sources are adjusted. However, credit vulnerabilities remain, as the city's largest pension fund is poorly funded...

Summary