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Michigan; Tax Secured, General Obligation Oct 04 Product Image

Michigan; Tax Secured, General Obligation Oct 04

  • ID: 1929750
  • October 2004
  • Region: Michigan
  • Standard & Poors

Abstract
Standard & Poor's Ratings Services assigned its 'AA+/A-1+' rating to Michigan's multi-modal GO bonds series 2004C. The 'AA+' long-term rating is based on the state's full faith and credit pledge and reflects: A deep economic base that continues to slowly diversify away from durables manufacturing, thus reducing the likelihood of future severe economic volatility; A low debt burden; and The relatively solid position of the state's pension liabilities. The state's weakened financial position and its decision not to follow previous statutory provisions that would have ensured a minimal level of reserves limit these strengths. The 'A-1+' short-term component of the rating reflects a standby bond purchase agreement (SBPA) provided by Depfa Bank PLC ('AA-/A-1+'). The initial SBPA shall provide principal...

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

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