All three main international ratings agencies have reaffirmed Michigan’s credit rating this week.
Moody’s Investors Service:
- Reaffirmed their Aa1 rating with a “stable outlook.”
- They noted the state has effective financial forecast practices, budgetary reserves at record levels, and an increasingly diverse economy.
- Reaffirmed their AA+ rating with a “stable outlook.”
- They stated Michigan has a high level of financial resilience and low long-term liability burdens.
- Additionally, Michigan’s economy is broad based and marked by stronger diversity than before the last pre-pandemic recession.
Standard & Poor:
- Reaffirmed their AA rating with a “stable outlook.”
- They stated Michigan has enacted good budget practices, increased its “rainy day” fund, and is likely to have strong economic performance.
- Further adding, Michigan has established itself as a leader in testing autonomous vehicles and is benefiting from a strong research presence.