S&P Global Ratings said it raised its long-term debt rating on Grosse Pointe, Mich.'s existing general obligation bonds to AAA from AA-plus.
At the same time, S&P said it assigned its AAA rating to the city's 2017 limited-tax GO bonds. The outlook is stable.
"The upgrade reflects our view of the city's strong budgetary performance and strong management team that has facilitated the maintenance of very strong budgetary flexibility and liquidity," said S&P Global Ratings credit analyst Kathryn Clayton. "Additionally, the higher rating is supported by the strong local economic metrics, which somewhat offset weaknesses in countywide economic data."
