TITLE

Moody's: Michigan Downgrade Not Due to Mismanagement

AUTHOR(S)
Carvlin, Elizabeth
PUB. DATE
January 2005
SOURCE
Bond Buyer;1/24/2005, Vol. 351 Issue 32055, p4
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
This article reports performance of Michigan's economy as analysed by Moody's Investors Service Inc. Analysts at Moody's Investors Service said last week that they downgraded the state of Michigan due to a lagging economy rather than fiscal mismanagement as Governor Jennifer Granholm works to resolve a projected $400 million budget shortfall. Moody's downgraded the state's rating last week to Aa2 from Aa1, affecting $1.5 billion of outstanding general obligation debt. The agency also downgraded its rating for the Michigan State Building Authority's debt to Aa3 from Aa2.
ACCESSION #
15795997

 

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