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Summary: Michigan St Sch Bnd Ln Fd Prog; Tax Secured, School State Program Dec 03 Product Image

Summary: Michigan St Sch Bnd Ln Fd Prog; Tax Secured, School State Program Dec 03

  • ID: 2042095
  • December 2003
  • Region: Michigan
  • Standard & Poors

FEATURED COMPANIES

  • Airport Comnty Schs
  • Charlevoix Pub Schs
  • Gladstone Area Schs
  • Kingston Comnty Schs
  • Northview Pub Schs
  • Sault Ste Marie Area Schs
  • MORE

Abstract
The 'AAA' and 'AA+' ratings on debt backed by the state of Michigan's GO and annual appropriation pledges have been placed on CreditWatch with negative implications pending the resolution of the state's current budget gap. The state had anticipated ending fiscal 2003 with a $350 million general fund balance, which would allow the state to put $75 million back into the budget stabilization reserve, keep $60 million in the Medicaid trust fund, and place an additional $75 million into a new school reserve fund. After the October revenue revisions, the state now expects to end fiscal 2003 with only about $58 million, placing the anticipated 2004 reserves in jeopardy even before considering the $595 million shortfall in 2004. How the...

Action: New Rating

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This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.

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