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Governor Snyder to deal with bond ratings after budget

DETROIT (AP) - Michigan Gov. Rick Snyder says he plans a trip to New York to discuss the state's bond ratings.

Snyder told reporters following a speech in Detroit Thursday that he and top financial officials in his administration will make the trip after current negotiations over the state budget conclude.

As a new governor, Snyder says it's important to establish a good relationship with agencies that rate Michigan's bonds.

Snyder says he believes the agencies would look more favorably on a state with a "stable, thoughtful tax system," something the Republican former businessman says he has taken steps to achieve.

A top bond rating is a sign of sound fiscal practices and enables an entity to borrow money at the most favorable rate.

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