Wayland, Mich., 2008 Imps Raised to A-Plus by S&P

Standard & Poor's Ratings Services said it raised its underlying rating on Wayland, Mich.'s series 2008 limited-tax general obligation capital improvement bonds to A-plus from A.

The outlook is stable.

"The upgrade reflects substantial improvements in Wayland's operating reserves," said Standard & Poor's credit analyst Katilyn Pulcher.

The rating reflects the city's: access to employment in the stable, larger, and diverse Kalamazoo and Grand Rapids areas; adequate incomes; and very strong general fund reserves.

These strengths are mitigated by the city's moderately high overall net debt burden, measured as a percentage of market value, and below-average wealth, as measured by per-capita market values.

The city's limited-tax GO pledge secures debt service on the bonds.

Wayland, with a population estimate of 4,179, is in northeast Allegan County between Kalamazoo and Grand Rapids.

"The stable outlook on the rating reflects our expectation that the rating will not change during the two-year horizon of the outlook," added Pulcher, "given our expectation that the city will maintain balanced operations and at least strong reserves."

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