Detroit (City of) MI Sewer Enterprise -- Moody's reviews City of Detroit and Great Lakes Authority water & sewer leases and service agreements

New York, December 11, 2015 -- Moody's Investors Service, ("Moody's"), at the request of the Great Lakes Water Authority, MI and Public Financial Management, has reviewed the executed Regional Sewage Disposal System Lease and Regional Water Supply System lease between the City of Detroit, MI and Great Lakes Water Authority (GLWA) dated June 12, 2015 and drafts of related supporting legal opinions. The lease agreements, whereby GLWA will lease and operate the wholesale portions of the Detroit water and sewer system and assume all of the outstanding water and sewer revenue debt of the Detroit Water and Sewerage Department, will not have an adverse effect on the credit quality of the water and sewer revenue debt. Therefore, the lease agreements and the assumption of the debt by GLWA will not in and of itself and as of this time, with the information available, result in reduction, placement on review for downgrade, or withdrawal of Moody's ratings. Moody's does not express an opinion as to whether the amendment could have other, non-credit-related effects.

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