OREANDA-NEWS. S&P Global Ratings has raised its rating on Woodhaven, Mich.'s long-term general obligation (GO) debt to 'AA' from 'AA-'. At the same time, we assigned our 'AA' long-term rating to the city's limited-tax GO refunding bonds to be issued in 2016. The outlook on all ratings is stable.

"The upgrade follows improvements to the economy and reflects our opinion of the city's very strong budgetary flexibility and strong budgetary performance," said S&P Global Ratings credit analyst Andrew Truckenmiller.

The city has pledged its limited-tax full faith and credit for the prompt payment of the bonds. Bond proceeds will be used to refund the city's outstanding 2008 and 2009 capital improvement bonds.

"The rating reflects our view of Woodhaven's strong economy and budgetary performance," said Mr. Truckenmiller, "and its very strong budgetary flexibility and liquidity."

Woodhaven, with an estimated population of 12,763, is in southern Wayne County, approximately 20 miles southwest of Detroit.

"The stable outlook reflects our expectation that the city will maintain very strong budgetary flexibility and liquidity," added Mr. Truckenmiller. We do not expect to revise the rating during the outlook's two-year horizon due to management's conservative and proactive budgeting practices, which should enable the city to sustain at least strong performance. Participation in the greater Detroit area economy provides additional rating stability.