Fremont, MI GO Outlook Revised To Negative On Weak Operating Margins

Stocks and Financial Services Press Releases Tuesday May 16, 2017 09:50
NEW YORK--16 May--S&P Global Ratings

NEW YORK (S&P Global Ratings) May 15, 2017--S&P Global Ratings changed its outlook to negative from stable and affirmed its 'AA-' underlying rating (SPUR) on Fremont, Mich.'s series 2006 limited-tax general obligation (GO) bonds.

"The updated outlook reflects the city's weak operating margins over the past several years due to planned deficits, as well as a planned draw down on reserves," said S&P Global Ratings credit analyst Carolyn McLean. "If the city is unable to address the continuing deficits, the rating could be lowered."

The bonds are secured by a limited-tax GO pledge. The city's limited-tax GO debt is secured by a full faith and credit pledge, payable from ad valorem taxes levied on all taxable property, subject to statutory limitations. Given debt service is a first budget obligation, and factoring in the city's very strong budget flexibility, we do not distinguish the limited-tax GO rating from an unlimited-tax GO rating.

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