S&P revises outlook on Michigan's AA-minus GO rating to positive

April 2 Tue Apr 2, 2013 2:49pm EDT

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April 2 (Reuters) - Standard & Poor's Ratings Services on Tuesday revised its outlook on Michigan's AA-minus general obligation bond rating to positive from stable, affecting about $2 billion of debt.

"The outlook changes reflect our view of improvement in the state economy and Michigan's healthier budgetary fund balance position that, should it continue to improve within our two-year outlook horizon, could potentially lead to an upgrade," S&P credit analyst David Hitchcock said in a statement.

Earlier on Tuesday, Fitch Ratings upgraded Michigan's credit to AA from AA-minus and also revised the rating outlook to stable from positive.

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