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Michigan; Tax Secured, General Obligation Jan 05 Product Image

Michigan; Tax Secured, General Obligation Jan 05

  • Published: January 2005
  • Region: Michigan
  • Standard & Poors

Abstract
The 'AA+' long-term rating on Michigan's GO debt reflects: A deep economic base that continues to slowly diversify away from durables manufacturing, although persistent economic weakness suggests that the largest benefits of this trend may be yet to come; A low debt burden that has not been used to solve recent budget gaps, unlike many other states; and The largely funded position and manageable nature 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. Michigan remains one of the few states yet to see an economic rebound and several risks stand in the way of future performance. The...

Companies mentioned in this report are:
- Michigan

Action: Affirmed

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, READ MORE >

Michigan

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