Moody’s Investors Service upgraded Leelanau County’s outstanding rated general obligation limited-tax bonds to A2 from A3, affecting $12.7 million of debt.
The A2 rating and upgrade reflect the county’s large, moderately growing tax base, satisfactory financial operations characterized by alternate liquidity, and manageable debt profile, analysts said.
Located in northwest Michigan, the county’s $7.9 billion tax base has experienced moderate growth, averaging 8.1% annually over the past five years. There is some agricultural activity as well as a presence of light tourism with LeBear Resort as a major taxpayer comprising 0.3% of the tax base.
Leelanau County’s unemployment rate of 5.4% as of July is significantly below the state average of 9.1% and the national average of 6.0%. Wealth indexes exceed state levels with per capita income and median family income at 111.4% and 99.6% of the state, respectively. Full value per capita is above average at $359,064.