Total leverage and fixed costs are above average but will remain stable as retiree benefit restructuring has provided a level of budgetary predictability. Tax base growth is solid, creating some cushion against the state's strict property tax caps that can result in revenue losses during time of tax base contraction.
WHITE PAGES MICHIGAN WAYNE COUNTY UPGRADE
The pledge supporting the GOLT debt is based on Michigan's (Aa1 stable) constitutional and statutory limits on tax levies available to pay debt service.RATINGS RATIONALEThe upgrade of the county's issuer rating to A1 reflects the continued strengthening of operating reserves and liquidity, aided by the restructuring of retiree benefits and proactive management. The county does not currently have any outstanding debt supported by a GOULT pledge. The county has $892 million in total debt outstanding.The issuer rating represents Moody's assessment of hypothetical long-term debt of the county supported by a general obligation unlimited tax (GOULT) pledge. The outlook has been revised to stable from positive. Outstanding rated lease rental bonds were issued by the Detroit-Wayne County Stadium Authority and are secured by an unconditional lease with rental payments backed by the county's full faith and credit GOLT pledge. Concurrently, Moody's has upgraded to A1 from A3 the ratings assigned to the county's general obligation limited tax (GOLT) bonds and lease rental bonds. Rating Action: Moody's upgrades Wayne County, MI's ratings to A1 outlook revised to stableGlobal Credit Research - New York, Aug- Moody's Investors Service has upgraded to A1 from A3 the issuer rating of Wayne County, MI.
0 kommentar(er)
