Summary: Marquette, Michigan; Miscellaneous Tax - S&P Global Ratings’ Credit Research

Summary: Marquette, Michigan; Miscellaneous Tax

Summary: Marquette, Michigan; Miscellaneous Tax - S&P Global Ratings’ Credit Research
Summary: Marquette, Michigan; Miscellaneous Tax
Published Jul 02, 2018
4 pages (1462 words) — Published Jul 02, 2018
Price US$ 225.00  |  Buy this Report Now

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Abstract:

S&P Global Ratings assigned 'AA+' rating and stable outlook to Marquette, Mich.'s $3.19 million series 2018 limited-tax general obligation (GO) Michigan Transportation Fund (MTF) debt. The 'AA+' 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

  
Brief Excerpt:

...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...

  
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Summary

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Public Finance
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MLA:
S&P Global Ratings’ Credit Research. "Summary: Marquette, Michigan; Miscellaneous Tax" Jul 02, 2018. Alacra Store. Jan 27, 2022. <http://www.alacrastore.com/s-and-p-credit-research/Summary-Marquette-Michigan-Miscellaneous-Tax-2065870>
  
APA:
S&P Global Ratings’ Credit Research. (). Summary: Marquette, Michigan; Miscellaneous Tax Jul 02, 2018. New York, NY: Alacra Store. Retrieved Jan 27, 2022 from <http://www.alacrastore.com/s-and-p-credit-research/Summary-Marquette-Michigan-Miscellaneous-Tax-2065870>
  
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