Press Release | Office of the Mayor | CITY OF WESTLAND WATER AND SEWER DEPARTMENT BOND RATING INCREASES

For Immediate Release | Official Press Release

PRESS RELEASE

OFFICE OF THE MAYOR

36601 Ford Road | Westland, Michigan | 48185

Office 734.467.3200 | Fax 724.721.2310

WWW.CITYOFWESTLAND.COM

CITY OF WESTLAND

WATER AND SEWER DEPARTMENT BOND RATING INCREASES

Westland, MI - Standard and Poor's, the world's leading source of independent credit ratings has raised its rating on the City of Westland water and sewer system revenue bonds to an "A" stable rating from its previous "A-" rating. In their summary, Standard and Poor's cited the City's strong financial performance since 2012, annual adjustment of utility rates and the City's limited debt.

"Westland's S&P ratings upgrade is welcome as better bond ratings will save the City money on financing water and sewer system improvements;" commented Westland Mayor William R. Wild. "Higher bond ratings enable the City to finance infrastructure improvements at a lower interest rate. This continues a trend of rising rates after we were downgraded by Moody's Investors Service in 2010 to a bond rating of Baa2."

S&P noted the City's debt service coverage that it expects to remain strong, the City's ongoing commitment to increase its fund balance or "rainy day" savings, funds that may be used during times of fiscal difficulty, and the City's ability to maintain good liquidity.

S&P analyzes several factors when evaluating cities including political pressures, economic structure and growth prospects, wealth and demographics, budgetary performance, debt burden and management. The S&P summary indicated the City's combined water and sewer rates for 8,000 gallons per month of usage at $88.05 was "affordable given that the city's median household effective buying income is what we consider an adequate 80% of the national average."

For more information, contact Aubrey Berman, Administrative Secretary, at (734) 467-3200.

Westland, Michigan is the state's 10th largest municipality, with a population of over 84,000 people who exhibit a great deal of pride in their All-American City. Westland has a thriving business community along with beautiful residential areas. The citizens enjoy a wide array of amenities and a quality of life that is second to none.

In 2014, Westland was rated as one of 24/7 Wall Street's America's Best 50 Cities to Live, offering residents and visitors an ideal blend of single-family affordable homes, apartments and condominiums, great schools, and access to numerous outdoor activities. Public safety is delivered by full-service, professional law enforcement and firefighting personnel. Westland Police Department, whose motto is protect and serve, provides emergency dispatch services to four cities and over 100,000 residents; the Western Wayne Fire Association firefighters collaboratively serving the Cities of Wayne and Westland are licensed paramedics who responded to over 13,000 calls for service last year, about 85% being medical based. They never forget their mission of preserving life and property.

Westland is well-known as the premier destination for shopping and dining in Wayne County with hundreds if shops and restaurants anchored by the Westland Shopping Center, on of the country's original four regional malls.

Infinite opportunities are available in Westland for the recreation aficionado including, more that 40 parks and 1,500 acres of trails, a 9-hole golf course, hockey arena, athletic fields, playscapes, a Farmers and Artisans Market and more. One of Michigan's most environmentally friendly cities, Westland has a progressive curbside recycling program with one of the highest participation rates in the nation and the City is raising the bar for cultural experiences with the placement of public art throughout the City.

The City is served by two public school districts; Wayne-Westland Community Schools serving 12,000 youth was recently named one of the Best School in Michigan by WXYZ-TV and is the proud recipient of 14 Golden Apple and two Michigan Blue Ribbon Exemplary School Awards. Livonia Public Schools, educating nearly 15,000 students, is proud of their MEAP/MME scores that exceed state averages and the District has also earned Golden Apple and Michigan Blue Ribbon Exemplary School Awards.

Westland's philosophy is that government should embrace good business principles. Providing oversight over the City's operating budget of $60 million dollars, Westland is the only community in Wayne County with a 3-year balanced budget and an approximately 10 percent budget surplus.

The City provides competitive incentives for those who are interested in investing in Westland, making it one of the hottest investment markets in the region. Our Fast-Track to Business Team, which consists of key decision makers who work diligently on a development plan will "cut the red tape" and expedite the approval process for new business development.