Standard & Poor's Ratings Services said it raised its long-term rating and underlying rating to A-minus from BBB on Dearborn Heights Municipal Building Authority and Dearborn Heights Tax Increment Finance Authority, Mich.'s limited-tax general obligation bonds, issued for Dearborn Heights, due to the city's improved reserve level and improved management practices.
The outlook is stable.
"The raised rating primarily reflects our view of the city's improved reserve level, although we still consider its budgetary flexibility very weak," said Standard & Poor's credit analyst Michael Furla. "The rating is further supported by our view of management's improved practices."
Dearborn Heights, with population of 56,646, is a residential community in west-central Wayne County, adjacent to the northwest boundary of Detroit.
