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Summary: Madison Heights, Michigan; General Obligation Oct 11

  • ID: 1930124
  • October 2011
  • Region: Michigan
  • Standard & Poors

Standard & Poor's Ratings Services has affirmed its 'A+' rating on Madison Heights, Mich.'s general obligation (GO) debt outstanding. The outlook is negative. The rating reflects our view of the city's: Participation in the Oakland County economy; Strong fund balance levels; Adequate income and strong wealth levels; and Low debt burden. In our opinion, continuing revenue pressures due to significant decreases in taxable value and reductions in state revenue sharing partially offset these strengths. Madison Heights (with a population of 27,918) is 14 miles north of Detroit in Oakland County. Driven by declining residential housing values, taxable value fell 12.6% in 2010 and 10.8% in 2011, and management projects a 5.0% decline in 2012. Market value totaled $2.1 billion, or...

Companies mentioned in this report are: Madison Hgts
Action: Affirmed
Action: Outlook: Stable

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Madison Hgts

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