State Issues Bonds After Moody’s Upgrades Michigan’s Rating

LANSING, MI (WHTC) – Governor Snyder’s office says that the state has sold 129 million dollars in general obligation bonds after Moody’s Investors Service upgraded Michigan’s credit rating from double-A 1 to double-A 2, which has led to a lower interest rate on those bonds. Around 30 investors placed orders for the 13-year sale at an interest rate of 2.34 percent, saving the state 13.5 million dollars in present value. The money would go towards paying down existing state government debt.