MOODY'S ASSIGNS Aa1 RATING TO COMMERCE CHARTER TOWNSHIP'S (MI) $2.075 MILLION SPECIAL ASSESSMENT BONDS (GOLT), SERIES 2010

Posted on: June 10, 2010, 4:22 pm

NEW YORK, Jun 10, 2010 -- Moody's Investors Service has assigned a Aa1 rating to Commerce Charter Township's (MI) $2.075 million Special Assessment Bonds (Limited Tax General Obligation), Series 2010. Concurrently, Moody's has affirmed the Aa1 rating assigned to the township's outstanding debt secured by the township's general obligation limited tax pledge. The Aa1 rating applies to $135.4 million of outstanding debt, including the current offering. Although the township does not have any general obligation unlimited tax debt outstanding, Moody's has also affirmed the township's Aa1 Issuer Rating, reflecting the implied general obligation unlimited tax pledge. The lack of rating distinction between the limited tax and the Issuer Rating reflects the township's sound financial position with satisfactory financial flexibility. The Series 2010 bonds are ultimately secured by the township's general obligation limited tax pledge and proceeds will finance various capital improvements to the township's special assessment districts. The Aa1 rating reflects the township's sound financial position with taxing margin, manageable debt levels with a significant amount of variable rate debt outstanding, and affluent tax base in Oakland County currently experiencing valuation declines...

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