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Article: Fitch Affirms Bay City, Michigan's LTGOs at 'A+'; Outlook Stable.
- Article from:
- Business Wire
- Article date:
- June 26, 2009
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NEW YORK -- In the course of routine surveillance, Fitch Ratings affirms the 'A+' rating on Bay City, Michigan's (the city) approximately $20.1 million in limited tax general obligation bonds (LTGOs). The Rating Outlook is Stable.
The 'A+' rating reflects the city's conservative financial management resulting in strong general fund reserve levels and tax levy flexibility under the operating millage cap, and a moderate debt burden with limited additional borrowing plans and rapid principal amortization. The rating also considers the local economy's high unemployment and exposure to General Motors, the largest taxpayer within the city, which filed for protection ...