Michigan's Rustbelt Blues

Carvlin, Elizabeth
December 2004
Bond Buyer;12/16/2004, Vol. 350 Issue 32031, p1
Trade Publication
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.


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