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Wed April 3, 2013
Agencies raise Michigan's rating
LANSING, MI (AP)-- Two rating agencies have upgraded their outlook for Michigan.
Fitch Ratings on Monday upgraded the state's general obligation credit rating to AA, the first time Fitch has rated Michigan above AA- since 2007. Standard and Poor's affirmed its AA- rating but upgraded the state's credit outlook to "positive" after a similar move was made by Moody's last week.
Republican Governor Rick Snyder says positive feedback from rating agencies "sends a clear message that Michigan is on the right track and moving forward."
Fitch says Michigan's "longstanding" prudent fiscal management along with actions taken in recent years leave it better positioned to address future economic and revenue uncertainty. An improved credit rating could let Michigan pay less when borrowing money.
Snyder and other officials met with ratings agencies two weeks ago.