Rating agency moves state’s economic outlook from ‘stable’ to ‘positive’
In the midst of a heated debate in Washington D.C. over the U.S. debt limit and with the country facing a possible credit downgrade, Michigan’s economy is getting a pat on the back. Fitch Ratings has revised its outlook for Michigan bonds from ‘stable’ to ‘positive,’ the Associated Press reports. From the AP:
The New York ratings agency left the state's overall bond rating unchanged Wednesday at AA-, an investment-grade rating that's three steps below the top AAA rating.
Gov. Rick Snyder met with analysts at Fitch, Moody's and Standard and Poor's on June 13 to discuss the state's growing economy and how the 2011-12 budget eliminates ongoing deficits without one-time fixes.
Fitch took note of the budgeting changes. It says its positive outlook also reflects efforts to put away more in the state's rainy day fund and "grow reserve levels."
The state lost its top AAA bond rating from Standard and Poor's in 2003.
As the Detroit News reports, on Tuesday Governor Snyder told reporters that, "Lawmakers in Washington should look to Michigan 'as a good role model for success' as they try to resolve a battle over raising the national debt ceiling that is approaching a crisis."