TITLE

Moody's Puts Michigan on Watch, Citing Weak Economy

AUTHOR(S)
Carvlin, Elizabeth
PUB. DATE
March 2003
SOURCE
Bond Buyer;3/28/2003, Vol. 343 Issue 31803, p3
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
Moody's Investors Service Inc. placed the state of Michigan's general obligation debt on its watch list for a possible downgrade, citing the weak economy that has caused the state to deplete its reserves.The action affects about 1.1 billion dollars of general obligation debt and about 15 billion dollars in related debt obligations, analyst Nicole Johnson said.The Moody's action applies to debt sold under the qualified school bond loan fund, Michigan State Building Authority facilities and equipment programs, and Michigan Municipal Bond Authority school loan revenue bonds.The fiscal 2002 and 2003 budgets have been effected by revenue shortfalls due to the poor economy in the state and to higher costs, especially from Medicaid, according to Moody.
ACCESSION #
9473098

 

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