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General Obligations

Michigan (State of) - Moody's Research Report

MOODY'S ASSIGNS Aa2 RATING TO STATE OF MICHIGAN'S $219 MILLION OF SCHOOL LOAN AND ENVIRONMENTAL PROGRAM GENERAL OBLIGATION BONDS IN THREE SERIES

Posted on: October 5, 2010, 2:25 pm

NEW YORK, Oct 5, 2010 -- Moody's Investors Service has assigned ratings of Aa2, with a stable outlook, to Michigan's approximately $219 million of general obligation bonds in three series. Most of the bond proceeds, about $158 million, will restructure previously issued debt, while the rest will provide new funds for the state's school loan and environmental programs. The restructuring is a one-time source of fiscal relief for the year that began October 1, expected to reduce debt service by about $121 million, while increasing debt service payable in most subsequent years. All of the bonds are expected to be priced the week of October 13...

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