Summary: Kalamazoo, Michigan; General Obligation; General Obligation Equivalent Security; Non-School State Programs Jun 07

Standard & Poors, June 2007

Abstract
The rating outlook on the city of Kalamazoo, Mich.'s GO debt has been revised to stable from negative due to the trend of general fund reductions being reversed and the return of the general fund balance to a level more consistent with historical trends. For the two consecutive fiscal years of 2003 and 2004, the city's general fund GAAP balance dropped by a total $3.9 million, but it has been restored to its previous levels due to two consecutive surpluses in 2005 and 2006. The 'AA' rating has been affirmed. The city's series 2007 transportation fund bonds and series 2007 capital improvement bonds have been rated 'AA'. The 'AA' rating is based on the following credit characteristics: A growing and...

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

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

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
- Kalamazoo Bldg Auth

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