GDRRAGreater Detroit Resource Recovery Authority (Detroit, MI)
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The rating of `A+' is assigned to the current offering based upon (i) the constitutional and statutory strength of the City of Detroit's distributable state aid (DSA) payments; (ii) improved coverage margins of senior lien debt obligations of the EDC and GDRRA that are secured by DSA receipts; and (iii) the improved credit quality of the city (general obligation debt rated `A' by Fitch).
The EDC and GDRRA debt issues are secured by both the limited general obligation pledge of the City of Detroit (the city) and the city's DSA.
In its supplemental full faith and credit general obligation contract with GDRRA, the city has pledged further that it will direct the state aid trustee to use all DSA payable to the city for the benefit of outstanding and future DSA debt holders.