...S&P Global Ratings assigned '##+' rating and stable outlook to Marquette, Mich.'s $3.19 million series 2018 limited-tax general obligation (GO) Michigan Transportation Fund (MTF) debt. The '##+' rating reflects our view of a first-lien pledge of state-collected annual gas and weight taxes returned to the city from the MTF for highway and road purposes, pursuant to Act 51 of the state of Michigan, as amended. Marquette has pledged its limited-tax-GO pledge as additional security. We rate the bonds under our special-tax-bonds criteria because we view the gas and weight tax pledge as stronger than the limited-tax GO rating. Officials will use bond proceeds to fund various infrastructure projects. The rating reflects our opinion of Marquette's: + Continuously strong debt service coverage (DSC) of over 4x-6x; + Receipt of pledged revenue, distributed to the city from the statewide collection of gas and weight taxes; + Stable trend of gas and weight tax receipts; and + Expectation of limited...
