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Summary: Kalamazoo, MI; Appropriation, General Obligation Equivilant Security; Tax Secured, General Obligation May 01
Standard & Poors, May 2001
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...
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Action: New Rating
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