S&P Global Ratings assigned its 'AA' long-term rating to Marquette, Mich.'s expected $6 million series 2022 limited-tax general obligation (LTGO) capital improvement bonds. At the same time, S&P Global Ratings affirmed its 'AA' long-term rating and underlying rating (SPUR) on the city's existing GO debt. The outlook is negative. The series 2022 LTGO capital improvement 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