LANSING (WWJ) – Michigan lost its top triple-A bond rating from Standard and Poor’s back in 2003, and after years of bad economic news the state now has a rating of double-A-minus.
Gov. Rick Snyder thinks a lower unemployment rate, rosier economic outlook and tight restraints in the new budget passed Thursday might cause S&P, Moody’s and Fitch – the three ratings agencies – to reassess. He plans to go to New York soon to make a pitch for a higher rating.
Moving up in the rating would save the state money, because it would be cheaper for school districts to borrow for new buildings and for the state to borrow for new construction projects.