Moody’s Investors Service this week revised its outlook to negative on Genesee County’s $238 million of outstanding debt that’s rated A2.
A top rating of MIG-1 was assigned to the sale of $54 million of general obligation limited-tax notes. The notes are secured by 2008 real property taxes outstanding and uncollected on March 1, plus interest and fees. Proceeds fare being used to fund advances to underlying units for their respective share of property tax delinquencies in the county, which includes Flint.
The negative outlook reflects Moody’s belief that the county’s economic and financial profile has weakened over time relative to similarly rated counties.