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Credit Rating |
Why it Matters: Michigan's bond or credit rating is a measure of its financial reputation. A good credit rating enables a state to borrow money for construction projects and other needs at the most competitive rates available. This saves millions of taxpayer dollars in interest payments. The following chart shows the state's ratings by the three rating agencies. For the most recent rating, the chart also shows the state's outlook in parenthesis.
Credit Rating
|
2000 |
2001 |
2002 |
2003 |
2004 |
2005 |
2006 |
2007 |
2008 |
2009 |
2010 |
2011 |
2012 |
2013 |
Moody's |
Aaa |
Aaa |
Aaa |
Aa1 |
Aa1 |
Aa2 |
Aa2 |
Aa3 |
Aa3 |
Aa3 |
Aa2 |
Aa2 (stable) |
Aa2 (stable) |
Aa2 (positive) |
Standard & Poor's |
AAA |
AAA |
AAA |
AA+ |
AA+ |
AA |
AA |
AA- |
AA- |
AA- |
AA- |
AA- (stable) |
AA- (stable) |
AA- (positive) |
Fitch |
AA+ |
AA+ |
AA+ |
AA+ |
AA |
AA |
AA |
AA- |
AA- |
A+ |
AA- |
AA- (positive) |
AA- (positive) |
AA (stable) |
Legend:
Moody's
|
Standard & Poor's
|
Fitch
|
|
Aaa
|
AAA
|
AAA
|
Prime
|
Aa1
|
AA+
|
AA+
|
High Grade
|
Aa2
|
AA
|
AA
|
Aa3
|
AA-
|
AA-
|
A1
|
A+
|
A+
|
Upper Medium Grade
|
A2
|
A
|
A
|
Source: Michigan Dept. of Treasury
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