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.


Latest Press Release

Gavin Bambury named OANDA(R) CEO

A global leader in online multi-asset trading services and currency data and analytics, OANDA Global Corporation is pleased to announce the appointment of industry leader Gavin Bambury as Chief Executive Officer, effective Monday 26 August 2019. Based in...

Thailand Focus 2019 showcases new governments policies to reinforce confidence

The Stock Exchange of Thailand (SET) will hold the annual flagship inbound roadshow "Thailand Focus 2019: Embracing Opportunities - The Next Chapter", during August 28 – 30, 2019 in Bangkok, marking the first conference for the new government to...

SCB joins with Intelspire to help SMEs increase people management efficiency with Timemint, an advanced digital platform powered by SCB Payroll

Siam Commercial Bank (SCB) continues to expand its digital partnerships to help increase efficiency. Recently, the bank joined hands with Intelspire Co., Ltd., a Thai startup and developer of the Timemint Application, a digital platform used for people...

TMB Appoints New Chief Retail Banking Officer (CRBO)

TMB has appointed Mrs. Marie Ramlie as Chief Retail Banking Officer, effective from August 1, 2019. Marie succeeds Roel Huisman who has completed his tenure with TMB on July 31, 2019. Marie has joined TMB as Head of Retail Products since 2013. She was...

Bankruptcy Court dismisses rehab petition against GL, removes automatic stay, and finds GL is not insolvent

The Central Bankruptcy Court has dismissed the rehabilitation petition submitted by JTA against GL as the Court ruled that GL is not insolvent and that JTA's claims have not proven to be true Previously, on August 15, the Central Bankruptcy Court for the...

Related Topics