Summary: Sterling Hgts, MI; Appropriation, General Obligation Equivalent Security; Tax Secured, General Obligation Oct 03
- ID: 2039503
- October 2003
- Standard & Poors
The 'AA' rating on Sterling Heights Building Authority, Mich.'s limited-tax GO refunding bonds and other debt secured by the city's GO pledge reflects: A deep tax and employment base participating in the growing Detroit MSA; Strong financial management, which has steadily built and maintained liquidity through economic cycles; and Moderate debt levels. A diminishing but significant reliance on the transportation industry limits these strengths. Located 18 miles north of Detroit in rapidly growing Macomb County, Sterling Heights is benefiting from the expansion of current local employers and additional retail and commercial development. Growth in taxable value continues to average 9% annually to $5.5 billion in fiscal 2003, reflecting trends during the past decade. Market value has grown more rapidly to...
Companies mentioned in this report are: Sterling Hgts,Sterling Hgts Bldg Auth
Action: New Rating
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