Michigan’s credit rating improves as state emerges from pandemic

Michigan State Capitol Building
Michigan State Capitol Building(WILX)
Updated: Jun. 15, 2021 at 7:57 PM EDT
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LANSING, Mich. (WJRT) - (6/15/2021) - The state’s economy seems to be on an upswing.

On Tuesday, Governor Gretchen Whitmer announced Michigan’s improving economy and multi-billion dollar revenue surplus post-pandemic, have boost the state’s credit rating.

Fitch Ratings have improved the state’s general obligation bonds AA credit rating from a “stable outlook” to a “positive outlook,” according to a press release from the Governor’s office.

According to the release, the State of Michigan recently announced new revenue projects taking the state from a nearly $3 billion deficit to a $3.5 billion surplus.

The state says this is an affirmation that the state is headed in the right direction, saving taxpayers money by lowering borrowing costs for upcoming bond issues.

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