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Michigan; General Obligation Oct 11
Standard & Poors, October 2011
Standard & Poor's Ratings Services assigned its 'AA-' long-term, and stable outlook, to the state of Michigan's series 2011B (taxable) general obligation (GO) school loan bonds, series 2011A (taxable) GO environmental program bonds, and series 2011B GO environmental program and refunding bonds. At the same time, Standard & Poor's affirmed its 'AA-' rating, with a stable outlook, on the state's approximately $1.8 billion state GO bonds outstanding. The rating reflects what we view as: An economic base that is diversifying and recovering from a sustained downturn, which resulted in part from the relative importance of domestic automakers to the state economy; Good budget management and operational controls that have allowed Michigan to effectively operate on low fund balances; and A...
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Action: New Rating
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