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Tue June 14, 2011
Snyder says New York trip first step in credit upgrade
Governor Rick Snyder says a visit to Wall Street was an important first step toward winning a credit upgrade for Michigan, but there is still more work to be done.
The governor says he talked about the start of Michigan’s economic comeback in meetings with bond-rating agencies.
"I could give them cases of auto plants in Michigan adding second and third shifts that we’ve seen recently, plus the fact all the auto companies have in fact gone and have been hiring lots of engineers lately so it’s a great story," said Snyder.
The governor says he invited the firms to send people to Michigan and he plans more discussions in the future.
The state will likely have to show a longer trend of stable tax collections and more money in its emergency savings before it can return to its pre-2003 Triple-A credit rating.
That would reduce interest payments and the cost of building roads, schools, and hospitals.