Summary: Kalamazoo Building Authority, Michigan Kalamazoo; General Obligation; General Obligation Equivalent Security Oct 06

  • ID: 1831130
  • October 2006
  • Region: Michigan
  • Standard & Poors
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  • Kalamazoo
  • Kalamazoo Bldg Auth
  • MORE

The 'AA' ratings on Kalamazoo and Kalamazoo Building Authority, Mich.'s limited-tax GO bonds reflects the city's: Growing, broad-based economy; Adequate financial performance; and Moderate debt burden. These credit strengths are mitigated by: Below-average wealth and income levels, High unemployment compared to state levels, and Moderately concentrated tax base. The negative outlook, which was first assigned in July 2005, reflects the general deterioration of the city's financial position to a level below the stipulated general fund balance policy equal to 15% of revenues (on a non-GAAP basis), and which was expected to persist through fiscal 2006. Kalamazoo (population, 77,145) is 26 square miles and is in the southwest corner of Michigan, 50 miles south of Grand Rapids. The city serves as...

Companies mentioned in this report are:
- Kalamazoo
- Kalamazoo Bldg Auth

Action: Affirmed
Action: New Rating
Action: Outlook: Negative
Action: Outlook: Stable

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- Kalamazoo
- Kalamazoo Bldg Auth

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