East Grand Rapids AAA Bond Rating Affirmed

GRAND RAPIDS, Mich. - Jan. 9, 2015 - PRLog -- Fitch Ratings has affirmed the AAA Bond of the City of East Grand Rapids’ AAA Bond Rating.

The Fitch rating cited consistently strong unrestricted general fund balances, a strong financial management team and a stable tax base as factors that contributed to the rating.  The region’s solid, diverse economy and the City’s affordable carrying costs for both debt service and retiree benefits were noted as additional factors.

“We are very pleased East Grand Rapids has again received a AAA bond rating,” said East Grand Rapids City Manager Brian Donovan. “Our conservative policies and practices help us ensure that our residents’ tax investments in the City are put to the best, most efficient use.”

Fitch assigned a “stable “outlook designation based on the City’s ability to maintain structural balance.  Shifts in East Grand Rapids’ structural balance were determined to be highly unlikely.

The rating applies to the City’s long-term Michigan Transportation Fund general obligation limited tax bonds, series 2005.