A Wall Street bond agency has just upgraded Michigan’s credit rating. Moody’s Investors Services says Michigan now has a Aa1 rating.
That’s on the heels of S & P improving Michigan’s credit outlook earlier this week.
Governor Rick Snyder says that’s all good news. But he says improved borrowing costs does not make simply selling bonds to pay for roads repairs a more attractive option.
“I want to make sure that if we incur debt, we’re going to have it paid for in some thoughtful fashion, and one of the things I’d like to do is actually pay down some of the debt we have,” Snyder said.
Michigan pays about $240 million a year on road repair bonds sold since the 1990s.
