Standard & Poor's Ratings Services assigned its 'AA' long-term rating to Lapeer County, Mich.'s series 2011 limited-tax general obligation (GO) refunding bonds. At the same time, Standard & Poor's affirmed its 'AA' long-term rating and underlying rating (SPUR) on the county's existing GO debt. The outlook on all ratings is stable. The ratings reflect our assessment of the county's: Participation in the diverse southeastern Michigan economy; Good income and strong wealth levels; Very strong general fund reserves, coupled with additional sources of liquidity; and Moderate overall debt burden, coupled with rapid amortization. The preceding credit strengths are offset in part by our view of the county's declining tax base and above-average unemployment rate. The county's limited-tax GO pledge secures the...
Companies mentioned in this report are: Lapeer Cnty
Action: New Rating
Action: Outlook: Stable
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