Finance Department 211 S Williams Street Royal Oak, MI 48067 248.246.

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Non Action Item Standard & Poors Notice to Upgrade The City from AA Negative to AA+ Stable
December 23, 2013

The Honorable Mayor Ellison And Members of the City Commission: Please be advised that the City of Royal Oaks Standard & Poors (S&P) general obligation credit rating has been upgraded from AA with a negative outlook to AA+ with a stable outlook, as a result of a recent review. The official S&P rational for the upgrade is attached (Attachment 1).

Respectfully submitted, Julie Rudd Finance Director

Approved,

Donald E. Johnson City Manager 1 Attachment

Attachment 1

Attachment 1

Attachment 1

Attachment 1

Attachment 1