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Mon June 13, 2011
Snyder trying to improve Michigan's bond rating
LANSING, Mich. (AP) - Gov. Rick Snyder is meeting with bond rating companies in an attempt to improve Michigan's rating.
A higher or improved rating would save Michigan money because it would be cheaper for the state to borrow for new construction projects.
Snyder is expected to promote the state's improved economic outlook and fiscal restraints imposed in the recently approved state budget during Monday's meetings in New York City.
The state lost its top AAA bond rating from Standard and Poor's in 2003. Years of bad economic news as limited Michigan's ability to improve its ranking with any of the three major agencies that rate state debt.
Michigan still has investment-grade bond ratings from the three agencies.