Summary: Port Huron, Michigan; General Obligation

S&P Global Ratings assigned its 'A+' rating to Port Huron, Mich.'s approximately $12.6 million series 2021 limited-tax general obligation (GO) bonds and its approximately $10.1 million series 2021 limited-tax GO refunding bonds. At the same time, S&P Global Ratings affirmed its 'A+' rating on the city's outstanding debt obligations. The outlook is stable. Like the majority of the city's outstanding obligations, the series 2021 GO bonds and series 2021 GO refunding bonds are expected to payable from net enterprise revenues but are ultimately secured by a pledge of the city's full faith and credit. All of the city's outstanding GO obligations are secured by a pledge of ad valorem taxes levied on all taxable property, subject to statutory limitations. We

...S&P Global Ratings assigned its 'A+' rating to Port Huron, Mich.'s approximately $12.6 million series 2021 limited-tax general obligation (GO) bonds and its approximately $10.1 million series 2021 limited-tax GO refunding bonds. At the same time, S&P Global Ratings affirmed its 'A+' rating on the city's outstanding debt obligations. The outlook is stable. Like the majority of the city's outstanding obligations, the series 2021 GO bonds and series 2021 GO refunding bonds are expected to payable from net enterprise revenues but are ultimately secured by a pledge of the city's full faith and credit. All of the city's outstanding GO obligations are secured by a pledge of ad valorem taxes levied on all taxable property, subject to statutory limitations. We rate the limited-tax GO debt at the same level as the city's general creditworthiness given that ad valorem taxes are collected from the city's tax base and that there are no limitations on the fungibility of resources available for debt service....

Summary