Summary: Michigan; Tax Secured, General Obligation Oct 05

  • ID: 1929925
  • October 2005
  • Region: Michigan
  • Standard & Poors
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The 'AA' rating on Michigan's GO bonds has been affirmed following the passage of the state's fiscal 2006 budget. The rating reflects the state's increasingly balanced budgets and conservative revenue forecasting that are permitting it to weather a prolonged period of economic weakness despite reduced liquidity levels. The state's favorable debt and pension positions are additional strengths over the long term. Michigan remains the only in state in recession, according to economic forecasting firm Economy.com, and is set to realize a remarkable fifth straight year of total declines in employment. Fortunately, the magnitude of these declines has consistently declined to where calendar year 2005 levels are expected to be almost equal to those in 2004. This relative stability is largely...

Companies mentioned in this report are:
- Michigan

Action: Affirmed
Action: Outlook: Stable

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