Michigan’s Credit Rating Goes Up

money47-24
money47-24

Standard and Poor’s has increased Michigan’s credit rating. Michigan Department of Treasury spokesperson Ron Leix tells WSJM News this is the first credit rating increase for the state in the past ten years. S&P has moved Michigan from AA-  to AA with a stable outlook. Leix says this means something for the state’s residents.

“We’ll be able to borrow money at a lower interest rate, which saves taxpayers millions of dollars,” Leix said.

Leix says the next round of state bonds will be issued in August, and now, a better interest rate can be obtained. He says this is the result of a couple of factors.

“The economy is strong right now, but S&P has also acknowledged the hard work this administration has accomplished, righting Michigan’s ship,” Leix said.

Namely, Leix points to the balanced state budget delivered on time each year for the past eight years. Michigan had been stuck at AA- since 2007 when things were rough due to the Great Recession.