NEW YORK - Moody's Investors Service said it has upgraded to Aa3 from A1 the rating on Emmet County, Mich.'s general obligation limited tax debt.
Concurrently, Moody's has assigned a Aa3 rating to Emmet County's $5.4 million Series 2012 refunding bonds (limited tax general obligation). Post-sale the county will have $7.1 million in outstanding general obligation limited debt.
The Series 2012 refunding bonds are secured by the county's general obligation limited tax pledge payable from all taxable property subject to constitutional and statutory limitations.
Proceeds from the bonds will refund a portion of the Emmet County Building Authority's Series 2003 building authority and building authority refunded bonds.
The upgrade to Aa3 reflects the county's maintenance of healthy reserves with additional alternative liquidity, financial flexibility given the county's ability to raise additional revenues, sizable tax base that is expected to stabilize after recent declines, and a low debt burden with rapid repayment.