Summary: Kalamazoo, MI; Appropriation, General Obligation Equivilant Security; Tax Secured, General Obligation May 01

Standard & Poors, May 2001

Abstract
The rating on Kalamazoo Building Authority, Mich.'s bonds reflects: A growing, broad-based economy; A stable financial performance; and A low debt burden. The rating also reflects the limited-tax pledge of the city of Kalamazoo. The city covenants to budget and appropriate annually for lease rental payments. Standard & Poor's differentiates between the limited- and unlimited-tax ratings because the city is levying at its Headlee limit. The local economy has been stable despite merger activity and consolidations. Unemployment remains low despite the closure of a nearby General Motors plant and the transfer of Pharmacia and Upjohn's headquarters to New Jersey. Despite the merger of Pharmacia and Upjohn with Monsanto, no significant employment cuts have occurred in the Kalamazoo research facilities (Pharmacia...

Companies mentioned in this report are:
- Kalamazoo

Action: New Rating

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.

This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

- Kalamazoo

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