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.

Comments (2)
  1. A Michigan Resident says:

    I have to ask Governor Snyder what’s more important for Michigan, more employment or a higher bond rating? Maybe his CEO connections can get other Michigan business CEO’s to stop their outsourcing of Michigan jobs and to hire Michigan natives and tax payers first. Lets go to Detroit before going to New York. Lets also not forget the tax paying Michigan community members who have paid into Michigan’s upkeep, tax base and infrastructure. High enemployment and the downscale of wages and salaries won’t greatly improve the flow of investment into the state of Michigan. Finally, cheaper tuition prices for Michigan students for state supported Michigan universities will help increase valuable intelligence. I think.

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