NEW YORK, NY (WHTC) – Moody’s Investors Service has upgraded the State of Michigan’s credit rating for all general obligation bonds to Aa1, up one level from Aa2. The New York-based agency cited improvement in the state’s financial position, particularly the rainy day fund, along with a strong tax revenue trend, a robust economic growth rate and moderate debt and pension burdens in its decision on $990 million in Michigan State Building Authority Bonds.
Moody’s also gave Michigan a “stable” outlook.
