Summary: Dearborn Heights Municipal Building Authority, Michigan Dearborn Heights; General Obligation Jun 11
- ID: 1829436
- June 2011
- Region: Michigan
- Standard & Poors
Standard & Poor's Ratings Services lowered its rating on Dearborn Heights Municipal Building Authority and Dearborn Heights Tax Increment Finance Authority, Mich.'s limited-tax general obligation (GO) bonds, issued for Dearborn Heights, to `A' from `A+' due to a large drop in the city's general fund balance following a major revenue shortfall in fiscal 2010 and the city's expectation of another substantial operating shortfall in 2011. The outlook is stable. Other rating factors include our view of the city's: Participation in the Detroit metropolitan area's stressed but diverse economy, Good income level and adequate market value per capita, and Low overall net debt burden. Offsetting these strengths is continued pressure on financial operations due to a shrinking tax base and reduced...
Companies mentioned in this report are: Dearborn Hgts,Dearborn Hgts Mun Bldg Auth,Dearborn Hgts Tax Increment Fin Auth
Action: Outlook: Stable
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