Summary: Merrill Lynch Puttable FLOATs/RITES Trust Series PT-1000 Lansing Board of Water & Light, Michigan; Tender Option Certificates/Bonds Jul 12
- Language: English
- Published: July 2012
- Region: Michigan
Standard & Poor's Ratings Services affirmed its 'AA-' rating and underlying rating (SPUR) on Lansing Board of Water and Light (BWL), Mich.'s water supply, steam, and electric utility system revenue bonds. Factors supporting the ratings include BWL's: Strong coverage of annual debt service and fixed charges; Strong competitive position, highlighted by rates that are well below the state average and the local investor-owned utility; and Role as a regional service provider. Factors representing credit weaknesses include: The recent closing of certain General Motors Corp. (GM) facilities, resulting in reduced steam, sales, and electric loads, the last of which is partially mitigated by sales contracts with GM and the opening of a new plant in Delta Township in 2006; The potential...
Companies mentioned in this report are:
- Lansing Brd of Wtr & Lt
Action: Outlook: Stable
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