Standard & Poor's Ratings Services said it raised its rating to AA-plus from AA on Kalamazoo, Mich.'s outstanding limited-tax general obligation Michigan Transportation Fund (MTF) bonds.
The outlook is stable.
"The upgrade is based on very strong debt service coverage," said Standard & Poor's credit analyst Blake Yocom.
The rating reflects the stronger pledge of MTF revenues and is rated under Standard & Poor's special tax bonds criteria.
Inflows returned to muni mutual funds as investors added $200.3 million for the week ending Wednesday after $1.474 billion of outflows, according to LSEG Lipper.
Democratic Gov. Laura Kelly nixed another tax cut bill passed by the Republican-led legislature this year, while pushing a less-costly plan.
It's a big week for the Fortress-backed train company, which refinanced more than $4 billion of debt and broke ground on its West Coast high-speed line.
Photos from The Bond Buyer's Texas Public Finance conference.
The Mayo Clinic is undertaking a $5 billion expansion that may bring new debt as it reconstructs its core Rochester, Minnesota campus.
"Just like the ATM became an additional transaction channel in the banking industry, I believe distributed ledger technology will provide municipal issuers with a similarly valued tool to sell their bonds," said Rick Coscia, Quincy's Strategic Asset Manager.
