Fitch Ratings has upgraded Michigan’s general obligation credit rating to AA, the first time Fitch has rated Michigan above AA since January 2007. Also, Standard and Poor’s has upgraded Michigan’s credit outlook to “positive,” while affirming the AA rating. Moody’s also announced a similar upgrade last week.
The agencies say Michigan has used the economic and revenue momentum of the last two fiscal years to stabilize state finances and leave the state better positioned to address future economic and revenue concerns.
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