credit rating

Key Bank building in Ann Arbor, MI
OZinOH / flickr.com

Michigan banks have made an impressive recovery since January 2011, according to quarterly data compiled by BauerFinanical Inc., a Florida-based ratings service.

As Tom Henderson from Crain's Detroit Business explained:

Katy Batdorff

One of the common traditions as we end one year and begin another is taking stock — reviewing where we've been and figuring out where we want to go in the New Year.

A good place to focus that review would be finances, and the prospects for the housing market.

A consumer credit forecast was released today that can give us a look into where Michigan’s market may be headed in 2014.

Listen to the full interview above.

There was some significant good news about Michigan yesterday, though most media outlets ignored it. Fitch, one of the three big Wall Street credit rating agencies, upgraded the state’s bond rating in a number of categories, including general obligation bonds and school loan bonds. This should make it easier and cheaper for Michigan to raise and borrow money, something states do all the time.

The internationally influential rating agency also boosted the credit score of both the State Building Authority and the Municipal Bond Authority. Why did Fitch do this? Partly because of the auto industry’s rebound from the Great Recession.

User: Brother O'Mara / flickr

Right to work goes to court

"An Ingham County judge today will decide whether to let an anti-right-to-work lawsuit go forward. The ACLU of Michigan says the new state law should be tossed out because it was passed in violation of the Open Meetings Act. The suit says lawmakers deliberately locked members of the public out of the state Capitol as the legislation was introduced and passed in December," Jake Neher reports.

Michigan gets a better credit rating

Two credit rating agencies have upgraded their outlook for Michigan.

"Yesterday 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," Steve Carmody reports.

More homeless students in Michigan

"The state Department of Education says Michigan has seen a 66 percent rise in homeless students over four years. More than 37,500 homeless students attended Michigan schools in 2011-12, up from about 22,600 in 2009-10," the Associated Press reports.

Steve Carmody/Michigan Radio

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.

Steve Carmody/Michigan Radio

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.