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Thu October 25, 2012
MI Budget Director Says State Credit Rating Weighed Down By Ballot Proposals
The state’s top budget official says Michigan would have a higher credit rating if not for the six proposals on the November ballot.
Budget Director John Nixon says credit agencies are otherwise happy with Michigan’s budget situation.
“I can’t speak for the rating agencies, but knowing how rating agencies work and having dealt with AAA budgets, they’ve been very, very impressed with what we’re doing,” he says.
But Nixon says they’re uneasy about the possible consequences of the ballot proposals.
He says Standard & Poor’s, Moody’s, and Fitch all decided not to upgrade the state’s credit rating this month.
Supporters of some of the proposals say Nixon’s claim is bogus and only meant to scare voters.
Budget officials say they might ask the rating agencies to reconsider after the election.