Standard & Poor's Ratings Services assigned its 'AA-' long-term rating and stable outlook to New Baltimore, Mich.'s series 2011 general obligation (GO) unlimited-tax refunding bonds. At the same time, Standard & Poor's affirmed its 'AA-' rating on the city's GO bonds outstanding. The 'AA-' rating reflects what we view as New Baltimore's: Access to the Detroit metropolitan statistical area (MSA) and Macomb County economic bases; Very strong income indicators; and Very strong financial reserve position coupled with good financial management practices. These strengths are partially offset, in our opinion, by New Baltimore's significant tax base declines and high debt burden. The city's unlimited-tax GO pledge secures the bonds. We understand that the purpose of the refunding is for interest savings...
Companies mentioned in this report are:
- New Baltimore
Action: New Rating
Action: Outlook: Stable
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