Grand Rapids, MI Sanitary Sewer System Revenue Debt Rating Lowered To #AA# On Revised Criteria

Stocks and Financial Services Press Releases Wednesday January 27, 2016 09:11
CHICAGO--27 Jan--Standard & Poor's

CHICAGO (Standard & Poor's) Jan. 26, 2016--Standard & Poor's Ratings Serviceslowered its rating on Grand Rapids, Mich.'s sanitary sewer system revenue debtone notch to 'AA' from 'AA+' based on the release and application of Standard& Poor's revised water and sewer criteria. The outlook is stable.

At the same time, Standard & Poor's assigned its 'AA' rating and stableoutlook to Grand Rapids' $48.285 million series 2016 sanitary sewer systemrevenue refunding bonds.
The rating reflects the rating service's opinion of the combination of thesystem's very strong enterprise and financial risk profiles.

"We do not expect to change the rating over the two-year outlook period. Whilewe do not expect it to occur over the outlook's two-year period, we couldraise the rating to 'AA+' if the system were to demonstrate a sustained andconsistent improvement in all-in debt service coverage that we would considerconsistent with an extremely strong financial risk profile," said Standard &Poor's credit analyst Gregory Dziubinski. "Due to the historical and projectedfinancial risk profile, we do not expect to lower the rating. For us to lowerthe rating over the two-year outlook period, system liquidity would likely

need to deteriorate significantly or debt service coverage would likely needto decrease modestly, in-line with recent historical levels."
Officials intend to use series 2016 bond proceeds to refund the system'sseries 2008 sanitary sewer system improvement bonds for interest cost savings.
A first-lien sanitary sewer system net revenue pledge secures the bonds.

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