TITLE

Michigan's Rustbelt Blues

AUTHOR(S)
Carvlin, Elizabeth
PUB. DATE
December 2004
SOURCE
Bond Buyer;12/16/2004, Vol. 350 Issue 32031, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article discusses that Michigan's strong dependence on the automobile manufacturing industry is continuing to dampen its economic outlook, contributing to a rating downgraded this week by credit rating company Fitch Ratings Inc. It came at a time when some of its Midwest neighbors have come closer to matching the national economic recovery. Fitch's AA-minus rating on the Michigan Municipal Bond Authority school program bonds remained unchanged. The state expects that growth in non-manufacturing employment will in turn help stimulate other growth in the coming year. Fitch downgraded Michigan partly because the state revised its revenue forecast numbers during a special forecast session held December 3. That revision came just two months into the fiscal year. The state estimated a $370 million budget shortfall in fiscal year 2005.
ACCESSION #
15385544

 

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