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Fri March 29, 2013
Moody's upgrades the state of Michigan's bond rating outlook
Michigan’s credit rating is getting a boost.
The state of Michigan’s credit rating has taken a bit of a beating in recent years.
But the credit rating agency Moody’s this week revised its opinion of Michigan bonds from ‘stable’ to ‘positive.’
Moody’s is giving the state credit for rebuilding its financial reserves and running structurally balanced budgets.
A State Treasury spokesman says the hope is the change may help the state get a better rate for an upcoming $200 million school bond issue.
But it’s not all good news. Moody’s warns that Michigan's credit rating may take a hit if the state gets burdened with “financial commitments in support of local governments".
Emergency managers are running several cities and school districts in Michigan that have been judged to be in a ‘financial crisis.’