Canton Charter Township, MI's GO Rating, SPUR Lowered To 'AA' On Dwindling Reserves, Expected General Fund Deficits May 11
- ID: 1753930
- May 2011
- Standard & Poors
CHICAGO (Standard & Poor's) May 3, 2011-- Standard & Poor's Ratings Services lowered its long-term and underlying rating (SPUR) to 'AA' from 'AA+' on Canton Charter Township, Mich.'s outstanding general obligation (GO) debt. At the same time, Standard & Poor's assigned its 'AA' long-term rating to the township's series 2011 limited-tax GO bonds. The outlook on all bonds is stable. "The lowered rating reflects our view of the recent erosion in the reserves of the township's three main operating funds," said Standard & Poor's credit analyst Caroline West. "Further depressing the rating is the township's projections of additional general fund deficits in the near term." Despite the relative strength of the local economy, the township's finances have weakened to such...
Companies mentioned in this report are:
- Canton Charter Twp
Action: New Rating
Action: Outlook: Stable
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