(from June but still important to know BEFORE the election)
LANSING, MI -- Standard & Poor's Ratings Services on Monday lowered Michigan's bond rating outlook, citing reduced revenue estimates, economic factors and a pending $195 million contribution to the Detroit "grand bargain" bankruptcy settlement.
The Wall Street agency maintained its AA-minus bond rating for Michigan but lowered the state's future outlook from "positive" to "stable."
S&P ratings top out at AAA and can affect how difficult or expensive it is for a government to borrow.
S&P analyst David Hitchcock said the outlook revision "reflects recent softening in projected fiscal 2014 revenues, expected slow economic growth, and anticipated declines in general fund and budget stabilization reserve fund balances in fiscal 2014 because of weak April income tax receipts, budgeted general fund drawdowns, and a lower-than-expected balance in the state's budget stabilization reserve fund."
2 comments:
Michigan can't get a break! Detroit's bankruptcy needs to be settled so we can see if anything was actually accomplished during all these months.
The dirty deed is done.
That giant sucking sound you hear?
Billion$ of borrowed money going to the same crooks who destroyed Detroit in the first place.
Bummer dudes!
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