Michigan; General Obligation Oct 11
Standard & Poors, October 2011
Abstract
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...
Companies mentioned in this report are:
- Michigan
Action: New Rating
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
Michigan
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