[MLT] Summary: Macomb Interceptor Drain Drainage District, Michigan, Macomb County; General Obligation; General Obligation Equivalent Security; Non-School State Programs Aug 11
- Language: English
- Published: August 2011
- Region: Michigan
Standard & Poor's Ratings Services has assigned its 'AAA' long-term rating to North Gratiot Interceptor Drain Drainage District, Mich.'s series 2010 limited-tax general obligation (GO) bonds, which are ultimately secured by Macomb County's limited-tax, full faith and credit general obligation (GO) pledge. We also have affirmed our 'AAA' long-term rating on Macomb County's previously issued GO bonds. In our opinion, the rating reflects Macomb County's: Deep economic base and participation in the Detroit metropolitan statistical area (MSA), though challenged by the current economic downturn and job losses; Maintenance of strong general fund reserve levels, despite challenges posed by this current revenue climate; Good management practices; Additional liquidity found in the delinquent tax revolving fund; and Moderate debt burden. We recognize...
Companies mentioned in this report are: Macomb Cnty,Macomb Cnty Bldg Auth,Seventeen Mile Rd & Branches Dr Dist,Busch Drain Drain Dist,Plumbrook Br Replacement Dr Drainage Dist,Hayes Dr Drainage Dist,Hawken Dr Drainage Dist,Lake St. Clair Clean Wtr Initiative,Seventeen Mile Extension Dr Drainage Dist,North Gratiot Interceptor Dr Drainage Dist ,Oakland-Macomb Interceptor Dr Drainage Dist
Action: New Rating
Action: Outlook: Stable
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Macomb Cnty,Macomb Cnty Bldg Auth,Seventeen Mile Rd & Branches Dr Dist,Busch Drain Drain Dist,Plumbrook Br Replacement Dr Drainage Dist,Hayes Dr Drainage Dist,Hawken Dr Drainage Dist,Lake St. Clair Clean Wtr Initiative,Seventeen Mile Extension Dr Drainage Dist,North Gratiot Interceptor Dr Drainage Dist ,Oakland-Macomb Interceptor Dr Drainage Dist