TITLE

Moody's Lowers Michigan to Aa2 from Aa1

PUB. DATE
January 2005
SOURCE
Bond Buyer;1/21/2005, Vol. 351 Issue 32054, p1
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports that Moody's Investors Service downgraded Michigan's general obligation bond rating to Aa2 from Aa1, affecting $1.5 billion of outstanding general obligation debt. It is the second time in two yean; that the agency has lowered the rating for the state due to the effects of a struggling economy. The downgrade also lowered the rating for the Michigan State Building Authority's debt to Aa3 from Aa2, according to a report issued by Moody's late yesterday. Moody's downgraded Michigan from Aaa in 2003. Also that year, Standard & Poor's Corp. dropped the credit from the top rating class after the state used up its reserves to balance a budget shortfall.
ACCESSION #
15790749

 

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