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Canton Charter Township, MI's GO Rating, SPUR Lowered To 'AA' On Dwindling Reserves, Expected General Fund Deficits May 11 Product Image

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

Abstract
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: Downgraded
Action: New Rating
Action: Outlook: Stable

Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.

Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.

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