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

S&P Global Ratings revised its outlook to negative from stable and affirmed its 'AA' long-term rating and underlying rating (SPUR) on the City of Marquette, Mich.'s existing general obligation (GO) debt. At the same time, S&P Global Ratings assigned its 'AA' long-term rating to the city's expected $8.8 million series 2021 limited-tax GO (LTGO) and refunding bonds. The outlook is negative. The series 2021 LTGO and refunding bonds are backed by the city's full-faith-and-credit pledge. The city's existing and proposed LTGO bonds are payable from ad valorem taxes levied on all taxable property, subject to statutory 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

...S&P Global Ratings revised its outlook to negative from stable and affirmed its '##' long-term rating and underlying rating (SPUR) on the City of Marquette, Mich.'s existing general obligation (GO) debt. At the same time, S&P Global Ratings assigned its '##' long-term rating to the city's expected $8.8 million series 2021 limited-tax GO (LTGO) and refunding bonds. The outlook is negative. The series 2021 LTGO and refunding bonds are backed by the city's full-faith-and-credit pledge. The city's existing and proposed LTGO bonds are payable from ad valorem taxes levied on all taxable property, subject to statutory 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 to fund various infrastructure and improvement projects,...

Summary