Michigan; General Obligation Dec 07
Standard & Poors, December 2007
Abstract
The 'AA-' rating on Michigan's GO debt reflects: An economic base that is diversifying, but also weathering a sustained downturn resulting partly from a dependence on auto manufacturing; Good budget management that has allowed the state to effectively operate on thin margins resulting from low liquidity; and A low debt and pension burden with manageable carrying charges. The state's GO rating was lowered to 'AA-' on May 22, 2007, reflecting additional revenue shortfalls driven by ongoing economic weakness and a lack of timely progress in resolving both the 2007 and 2008 fiscal deficits in a structurally balanced manner. As expected, the fiscal 2007 gap was generally filled with onetime measures, leaving fiscal 2008 as the year to pay the piper....
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, 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
Customers who bought this item also bought
All rights reserved. © Copyright 2013 Research and Markets WWW6
Terms and Conditions Privacy Policy Publishers Employment Opportunities Site Map Link to us Webmaster Affiliate Network
