By AP
LANSING, MI –
Fitch Ratings has revised its outlook for Michigan bonds from stable to positive, reflecting what it calls "prudent budgeting" and a state economy that's beginning to slowly rebound.
The New York ratings agency left the state's overall bond rating unchanged Wednesday at AA-, an investment-grade rating that's three steps below the top AAA rating.
Gov. Rick Snyder met with analysts at Fitch, Moody's and Standard and Poor's on June 13 to discuss the state's growing economy and how the 2011-12 budget eliminates ongoing deficits without one-time fixes.
Fitch took note of the budgeting changes. It says its positive outlook also reflects efforts to put away more in the state's rainy day fund and "grow reserve levels."
The state lost its top AAA bond rating from Standard and Poor's in 2003.