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Fitch moves Michigan bond outlook from stable to positive

Kathy Barks Hoffman
Associated Press/The Detroit News
July 27. 2011

Lansing— Fitch Ratings has revised its outlook for Michigan bonds from stable to positive today, reflecting what it calls "prudent budgeting" and a state economy that's beginning to slowly rebound.

The New York ratings agency left the state's overall bond rating unchanged at AA-, an investment-grade rating that's three steps below the top rating of AAA. But it said the state might see its rating improve if the economy continues to strengthen and the budget remains structurally balanced.

Gov. Rick Snyder has made it a top priority to improve the state's credit rating, including it as one of the items measured on his MiDashboard. The state lost its top AAA bond rating from Standard and Poor's in 2003, and years of bad economic news limited its ability to improve its ranking with any of the three major agencies that rate state debt. A higher rating would save the state money, making it cheaper for school districts to borrow for new buildings and for the state to borrow for new construction projects.

http://detnews.com/article/20110727/...le-to-positive

Congratulations Mr. Governor, maybe this will help get the bridge built!