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Summary: Waterford Charter Township, Michigan; General Obligation May 07
Standard & Poors, May 2007
Standard & Poor's Ratings Services assigned its 'AA-' rating, and stable outlook, to Waterford Charter Township, Mich.'s series 2007B and 2007C capital improvement bonds. At the same time, Standard & Poor's affirmed its 'AA-' rating and 'AA-' underlying rating (SPUR) on the township's existing GO bonds. The outlook is stable. The 'AA-' rating reflects the township's: Affluent, largely residential local economy located within Oakland County; Above-average wealth and income levels; Steady tax base growth, despite the township's mostly built-out nature; and Moderate debt burden. Mitigating these strengths is the township's weakened financial position, although it has recently stabilized due to a positive financial performance in fiscals 2004 and 2005. The series 2007B bonds will be used for capital improvements to...
Companies mentioned in this report are: Waterford Charter Twp
Action: New Rating
Action: Outlook: Stable
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Waterford Charter Twp