Summary: Petoskey, MI; General Obligation, Local GO Nov 99

  • ID: 1820105
  • November 1999
  • Standard & Poors
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The rating on Petoskey, Mich.'s bonds reflects: A shallow and seasonal economic base dependent on tourism, Below-average wealth, Limited taxing flexibility, Satisfactory financial position, and Moderate debt burden. The bonds are secured by a limited ad valorem tax pledge of the city. Located in the northwestern area of Michigan's lower peninsula near Lake Michigan, Petoskey is the seat of Emmet County. The city serves as a commercial and retail center for the area. Population has remained at just over 6,000 since 1980. Much of the area's economic base centers around services, which account for 35% of the county's employment and 38% of its income. The two largest employers are a local hospital and a clinic, employing a total workforce of...

Companies mentioned in this report are: Petoskey
Action: Affirmed

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