LANSING, Mich. (WJRT) – Michigan’s credit rating received an upgrade this week, which Gov. Gretchen Whitmer said shows how the state is recovering well after the coronavirus pandemic.
S&P Global Ratings improved Michigan’s credit rating outlook from “negative” to “stable.” Whitmer said the change affirms that Michigan’s economy is heading in the right direction and will save taxpayers by lowering costs for borrowing money.
S&P says its rating boost reflects improved economic prospects and better than expected financial results.
“Michigan has emerged from the most recent recession better than originally anticipated, with a monthly unemployment rate currently below the national average, after initially being much higher; strong demand for its manufacturing products, particularly as vehicle sales have grown; and smaller draws on its rainy-day fund than initially expected,” S&P Global Ratings said Wednesday.