Standard & Poor's Ratings Services said it raised its long-term and underlying ratings on Brownstown Charter Township, Mich.'s general obligation bonds and Brownstown Charter Township Building Authority's GO bonds issued for the township to AA-minus from A-plus.
The outlook is stable.
"We base the upgrade on improved budgetary flexibility from strong budgetary performance," said Standard & Poor's credit analyst Errol Arne.
The long-term rating reflects the following factors for the township: weak economy; strong management; strong budgetary performance; very strong budgetary flexibility; very strong liquidity; adequate debt and contingent liability position; and strong institutional framework score.
