LANSING – Governor Rick Snyder and the state’s top financial officials were in New York City on Monday meeting with the three rating agencies in an effort to improve Michigan’s bond rating.
Snyder, along with Treasurer Andy Dillon and Budget Director John Nixon, flew to New York Monday morning on a state plane to meet with executives of Moody’s Investors Services, Standard & Poor’s and Fitch Ratings in hopes of winning agreements that the state’s rating should be upgraded from its current AA rating.
No official comments were made Monday on the trip, except that the governor’s “Onetoughnerd” Twitter site posted a couple comments before meetings with both Moody’s and S&P that improving the state’s bond rating could save Michigan millions of dollars in terms of interest payments on its debt.
Snyder was expected to make an official statement Tuesday on the visit.
He and the others were expected to return to Michigan later Monday.
Michigan had a AAA rating through part of the 1990s into 2003. The state’s ongoing fiscal problems forced the rating agencies to lower Michigan’s credit rating, though the agencies constantly praised the state’s overall management of the system. Michigan’s rating never fell as low as California’s, for example.
While the state hopes to see its rating improved eventually back to AAA, Mr. Nixon acknowledged earlier this month in an interview that would be a stretch in the short-term. However, with the state’s new tax plan and budget structure, he said the state should see some improvement in its rating.
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