Michigan’s credit rating improves as state emerges from pandemic
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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