Lansing Michigan Board Water & Lt Utilities System Revenue

Compiled from MSRB EMMA & public records · read-only public record · debt as of Sep 12, 2026 · latest trade Sep 11, 2026 · latest filing Feb 17, 2026

Credit ratings

agency-stated

Moody's

Aa3

49 rated securities

S&P

AA-

49 rated securities

Maturity profile

par maturing by year · as of Sep 2026

Recent activity

rating actions & filings

Other Financial / Operating Data filed

Feb 17, 2026 · Other Financial / Operating Data: Incorporate OS by Reference

Official statement posted

Feb 3, 2026 · UTILITY SYSTEM REVENUE REFUNDING BONDS SERIES 2026A (MANDATORY…

Moody's Initial — Aa3 (Stable)

Jan 8, 2026 · Rating Action: Moody's Ratings assigns Aa3 to Lansing Board of …

S&P Initial — AA- (Stable)

Jan 8, 2026 · Lansing Board of Water & Light, MI Series 2026A-B Utility Syste…

Annual Financial Information and Operating Data filed

Dec 19, 2025 · Annual Financial Information and Operating Data: 2025 Annual Re…

Audited Financial Statements or ACFR filed

Dec 19, 2025 · Audited Financial Statements or ACFR: 2025 Audited Financial St…

In context

Among the largest MI issuers by debt outstanding · #21 of 1460

Debt overview

EMMA-derived

Outstanding par (EMMA est.)—

Securities96

Callable55%

Outstanding securities

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Outstanding securities for Lansing Michigan Board Water & Lt Utilities System Revenue
CUSIP	Series / description	Coupon	Maturity	Outstanding	Ratings	First call
516391AN9	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV B…	5.0%	Jul 1, 2027	$8,180,000	—	—
516391CB3	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV R…	5.0%	Jul 1, 2027	$2,275,000	Moody’s Aa3S&P AA-	—
516391CN7	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2027	$3,315,000	Moody’s Aa3S&P AA-	—
516391DK2	LANSING MICH BRD WTR & LT UTIL SYS REV TAXABLE REF BD…	2.49%	Jul 1, 2027	$9,910,000	Moody’s Aa3S&P AA-	—
516391ES4	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2027	$6,535,000	—	—
516391FQ7	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2027	$4,470,000	—	—
516391DY2	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2027	$150,000	Moody’s Aa3S&P AA-	—
516391DZ9	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2028	$150,000	Moody’s Aa3S&P AA-	—
516391CC1	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV R…	5.0%	Jul 1, 2028	$2,385,000	Moody’s Aa3S&P AA-	July 1, 2027
516391AP4	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV B…	5.0%	Jul 1, 2028	$8,590,000	—	—
516391CP2	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2028	$3,485,000	Moody’s Aa3S&P AA-	—
516391FR5	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2028	$940,000	—	—
516391DL0	LANSING MICH BRD WTR & LT UTIL SYS REV TAXABLE REF BD…	2.59%	Jul 1, 2028	$10,160,000	Moody’s Aa3S&P AA-	—
516391ET2	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2028	$3,985,000	—	—
516391EA3	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2029	$150,000	Moody’s Aa3S&P AA-	—
516391DM8	LANSING MICH BRD WTR & LT UTIL SYS REV TAXABLE REF BD…	2.64%	Jul 1, 2029	$10,430,000	Moody’s Aa3S&P AA-	—
516391FS3	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2029	$1,835,000	—	—
516391AQ2	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV B…	5.0%	Jul 1, 2029	$9,030,000	—	—
516391EU9	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2029	$4,460,000	—	—
516391CD9	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV R…	5.0%	Jul 1, 2029	$2,495,000	Moody’s Aa3S&P AA-	July 1, 2027
516391CQ0	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2029	$3,640,000	Moody’s Aa3S&P AA-	—
516391CR8	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	4.0%	Jul 1, 2029	$20,000	Moody’s Aa3S&P AA-	—
516391CE7	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV R…	5.0%	Jul 1, 2030	$2,615,000	Moody’s Aa3S&P AA-	July 1, 2027
516391EV7	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2030	$7,550,000	—	—
516391EB1	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2030	$150,000	Moody’s Aa3S&P AA-	—
516391FT1	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2030	$2,695,000	—	—
516391CS6	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2030	$3,840,000	Moody’s Aa3S&P AA-	July 1, 2029
516391DN6	LANSING MICH BRD WTR & LT UTIL SYS REV TAXABLE REF BD…	2.74%	Jul 1, 2030	$10,710,000	Moody’s Aa3S&P AA-	July 1, 2029
516391AR0	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV B…	5.0%	Jul 1, 2030	$9,485,000	—	—
516391EC9	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2031	$150,000	Moody’s Aa3S&P AA-	—
516391AS8	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV B…	4.75%	Jul 1, 2031	$3,110,000	—	—
516391AV1	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV B…	5.0%	Jul 1, 2031	$6,855,000	—	—
516391DP1	LANSING MICH BRD WTR & LT UTIL SYS REV TAXABLE REF BD…	2.84%	Jul 1, 2031	$11,010,000	Moody’s Aa3S&P AA-	July 1, 2029
516391EW5	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2031	$3,920,000	—	—
516391FU8	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2031	$5,490,000	—	—
516391CT4	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2031	$4,035,000	Moody’s Aa3S&P AA-	July 1, 2029
516391CF4	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV R…	5.0%	Jul 1, 2031	$2,740,000	Moody’s Aa3S&P AA-	July 1, 2027
516391CG2	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV R…	5.0%	Jul 1, 2032	$2,870,000	Moody’s Aa3S&P AA-	July 1, 2027
516391DQ9	LANSING MICH BRD WTR & LT UTIL SYS REV TAXABLE REF BD…	2.94%	Jul 1, 2032	$11,330,000	Moody’s Aa3S&P AA-	July 1, 2029
516391FV6	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2032	$2,690,000	—	—
516391ED7	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2032	$150,000	Moody’s Aa3S&P AA-	July 1, 2031
516391CU1	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2032	$4,240,000	Moody’s Aa3S&P AA-	July 1, 2029
516391EX3	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2032	$7,705,000	—	—
516391FW4	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2033	$2,285,000	—	—
516391DR7	LANSING MICH BRD WTR & LT UTIL SYS REV TAXABLE REF BD…	3.04%	Jul 1, 2033	$15,115,000	Moody’s Aa3S&P AA-	July 1, 2029
516391EY1	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2033	$8,915,000	—	—
516391CV9	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2033	$4,010,000	Moody’s Aa3S&P AA-	July 1, 2029
516391EE5	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2033	$150,000	Moody’s Aa3S&P AA-	July 1, 2031
516391EF2	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2034	$150,000	Moody’s Aa3S&P AA-	July 1, 2031
516391EZ8	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2034	$4,955,000	—	—
516391FX2	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2034	$1,010,000	—	—
516391AU3	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV B…	5.0%	Jul 1, 2034	$8,230,000	—	—
516391CW7	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2034	$4,215,000	Moody’s Aa3S&P AA-	July 1, 2029
516391DS5	LANSING MICH BRD WTR & LT UTIL SYS REV TAXABLE REF BD…	3.17%	Jul 1, 2034	$15,570,000	Moody’s Aa3S&P AA-	July 1, 2029
516391EG0	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2035	$150,000	Moody’s Aa3S&P AA-	July 1, 2031
516391DT3	LANSING MICH BRD WTR & LT UTIL SYS REV TAXABLE REF BD…	3.24%	Jul 1, 2035	$16,065,000	Moody’s Aa3S&P AA-	July 1, 2029
516391CX5	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2035	$4,425,000	Moody’s Aa3S&P AA-	July 1, 2029
516391FY0	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2035	$1,255,000	—	—
516391FA2	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2035	$9,390,000	—	July 1, 2034
516391EH8	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2036	$150,000	Moody’s Aa3S&P AA-	July 1, 2031
516391CY3	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2036	$4,645,000	Moody’s Aa3S&P AA-	July 1, 2029
516391FZ7	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2036	$4,350,000	—	—
516391FB0	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2036	$21,900,000	—	July 1, 2034
516391CZ0	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2037	$4,875,000	Moody’s Aa3S&P AA-	—
516391AX7	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV B…	5.0%	Jul 1, 2037	$81,990,000	—	—
516391EJ4	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2037	$150,000	Moody’s Aa3S&P AA-	July 1, 2031
516391FC8	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2037	$9,830,000	—	July 1, 2034
516391GA1	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2037	$6,615,000	—	July 1, 2036
516391EK1	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2038	$150,000	Moody’s Aa3S&P AA-	July 1, 2031
516391GB9	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2038	$4,880,000	—	July 1, 2036
516391DA4	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2038	$5,120,000	Moody’s Aa3S&P AA-	—
516391FD6	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2038	$6,185,000	—	July 1, 2034
516391DB2	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2039	$5,380,000	Moody’s Aa3S&P AA-	July 1, 2029
516391FE4	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2039	$6,505,000	—	July 1, 2034
516391EL9	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2039	$150,000	Moody’s Aa3S&P AA-	July 1, 2031
516391GC7	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2039	$480,000	—	July 1, 2036
516391GD5	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2040	$5,380,000	—	July 1, 2036
516391FF1	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2040	$6,840,000	—	July 1, 2034
516391EM7	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2040	$150,000	Moody’s Aa3S&P AA-	July 1, 2031
516391AT6	LANSING MICH BRD WTR & LT UTIL SYS REV UTIL SYS REV B…	5.5%	Jul 1, 2041	$80,000,000	—	—
516391FG9	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2041	$7,190,000	—	July 1, 2034
516391EN5	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2041	$150,000	Moody’s Aa3S&P AA-	July 1, 2031
516391DU0	LANSING MICH BRD WTR & LT UTIL SYS REV TAXABLE REF BD…	3.525%	Jul 1, 2041	$108,710,000	Moody’s Aa3S&P AA-	July 1, 2029
516391GE3	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2041	$5,645,000	—	July 1, 2036
516391FH7	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2042	$5,285,000	—	July 1, 2034
516391GF0	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026B …	5.0%	Jul 1, 2042	$9,625,000	—	July 1, 2036
516391FJ3	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2043	$5,545,000	—	July 1, 2034
516391FK0	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2044	$5,825,000	—	July 1, 2034
516391DC0	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2044	$103,140,000	Moody’s Aa3S&P AA-	July 1, 2029
516391DD8	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2019 A (MI…	5.0%	Jul 1, 2048	$144,925,000	Moody’s Aa3S&P AA-	July 1, 2029
516391FL8	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2049	$35,020,000	—	July 1, 2034
516391EP0	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021A (MI)*	5.0%	Jul 1, 2051	$53,470,000	Moody’s Aa3S&P AA-	July 1, 2031
516391FP9	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2026A …	5.0%	Jul 1, 2051	$64,460,000	—	Jan. 1, 2031
516391DV8	LANSING MICH BRD WTR & LT UTIL SYS REV BDS 2021 B (MI…	2.0%	Jul 1, 2051	$70,875,000	Moody’s Aa3S&P AA-	May 17, 2026
516391FN4	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.25%	Jul 1, 2054	$75,000,000	—	July 1, 2034
516391FM6	LANSING MICH BRD WTR & LT UTIL SYS REV REF BDS 2024 A…	5.0%	Jul 1, 2054	$116,725,000	—	July 1, 2034

Market activity

EMMA · secondary trades · latest Sep 11, 2026

Each dot is a reported secondary trade — yield by trade date, sized by par, colored by trade side. Hover for detail.

Trade dateSecurityPriceYieldSizeSide

Sep 11 516391FW4 107.18 3.79% 5,000 Customer Sold

Sep 11 516391CD9 101.55 3.01% 150,000 Customer Bought

Sep 11 516391CD9 101.45 3.14% 150,000 Inter-Dealer Trade

Sep 11 516391CD9 101.02 3.68% 240,000 Customer Sold

Sep 11 516391CD9 101.12 3.55% 240,000 Inter-Dealer Trade

Trade prints reported to the MSRB — a live market signal a manual issuer page cannot show.

20 callable securities carry a stated call price — refunding candidates as rates move.

Recent rating actions

Moody's · S&P · Fitch · KBRA

Moody's Rating Action: Moody's Ratings assigns Aa3 to Lansing Board of Water & Light's (MI) Utility System Revenue Refunding Bonds, Series …

Jan 8, 2026

Initial Aa3 Outlook Stable

View the filing on EMMA ↗

S&P Lansing Board of Water & Light, MI Series 2026A-B Utility System Revenue Bonds Rated 'AA-'; Outlook Stable View Analyst Contact Inf…

Jan 8, 2026

Initial AA- Outlook Stable

View the filing on EMMA ↗

Moody's Rating Action: Moody's Ratings affirms Aa3 rating on Lansing Board of Water & Light, MI's revenue bonds; outlook stable 17 Dec 2025…

Dec 17, 2025

Affirmed Aa3 Outlook Stable

View the filing on EMMA ↗

Rating actions as disclosed by the issuer to the MSRB’s EMMA system under SEC Rule 15c2-12; the ratings are the opinions of the respective rating agencies (Moody's, S&P Global Ratings, Fitch Ratings, KBRA). Dates are the rating-action dates stated in each notice.

Lansing Michigan Board Water & Lt Utilities System Revenue

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