Fitch upgrades Michigan's bond rating, cites economic upturn

April 2 Tue Apr 2, 2013 1:02pm EDT

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April 2 (Reuters) - An improving economy won Michigan a credit rating upgrade to AA from AA-minus from Fitch Ratings on Tuesday.

"The upgrade is based on the state's rebounding economic performance, including the improved competitive posture of the state's auto industry after its restructuring," Fitch said in a statement.

About $2 billion of outstanding Michigan general obligation bonds are affected by the upgrade. Fitch revised the rating outlook to stable from positive.

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