Michigan Sells Nearly $150m in Bonds

Liz Gullett

Aug 10, 2018

State Treasurer Nick Khouri announced that the State of Michigan sold more than $149 million in General Obligation Environmental Program Bonds. The bonds are being issued under the Great Lakes Protection and Clean Michigan Initiative Program and will primarily support environmental contamination remediation, water infrastructure, asset management plans, and water quality monitoring in communities across the state.

Prior to the bond sale, Standard and Poor’s, Moody’s Investor Services, and Fitch Ratings conducted a thorough review of the state’s economy and finances to determine a credit rating. Based on the improvements to Michigan’s economic and financial conditions since the Great Recession, S&P upgraded the state’s credit rating from AA- to AA with a “stable outlook.” Moody’s and Fitch affirmed their ratings respectively at Aa1 Stable and AA Stable. The agencies’ ratings enable the state to borrow money at a lower interest rate, which translates to taxpayer savings and reflects the general creditworthiness of the state.

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