Summary: Michigan; Tax Secured, General Obligation Jun 02
- ID: 1930288
- June 2002
- Region: Michigan
- Standard & Poors
The 'AAA' rating on Michigan's GO bonds reflects the state's: Effective financial management structure and procedures and policies, several of which contain constitutionally mandated actions on the part of state officials; Use of planned expenditure reductions and other measures to help respond to revenue shortfalls, slowing the decline in reserve levels to date; and Gains in economic diversification, which will reduce the severity of the effect of national economic softness on the state's employment base relative to previous recessions. Additional factors supporting the 'AAA' rating include: A low debt burden, and The solid position of the state's pension liabilities. The state continues to face challenges from the recent economic downturn and its manufacturing-reliant economic base, although its current performance remains...
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Action: New Rating
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