Michigan's credit rating getting better
National credit rating agencies are warming to the state of Michigan.
Today, Fitch and Standard & Poor’s joined Moody’s in upgrading the state’s credit rating.
An improved credit rating may help the state get more favorable rates when it needs to borrow money.
John Nixon is the state budget director. He says the state has cut its long-term liabilities and taken other steps to get its ‘house in order.’
“We’ll continue that….it’s a slow process…we didn’t get to where we were overnight….we got downgraded over a series of years,” says Nixon.
There are still some outstanding issues that may hurt Michigan’s credit rating down the road.
Moody’s expressed some concern last week that Michigan’s financially troubled cities could become a burden on state government.
Detroit, Flint and Pontiac are among the Michigan cities and school districts being run by emergency managers.