S&P revises Michigan's credit rating outlook to stable
June 17 (Reuters) - Standard & Poor's Ratings Services on Tuesday revised the outlook on Michigan's AA-minus general obligation credit rating to stable from positive due to a projected fall in state revenue.
State officials last month lowered the revenue forecast for the current and next fiscal year by $617 million because of weaker income tax collections and other factors.
"The outlook revision reflects recent softening in projected fiscal 2014 revenues, expected slow economic growth, and anticipated declines in general fund and budget stabilization reserve fund balances in fiscal 2014 because of weak April income tax receipts, budgeted general fund draw downs, and a lower-than-expected balance in the state's budget stabilization reserve fund," S&P credit analyst David Hitchcock said in a statement. (Reporting by Karen Pierog; Editing by James Dalgleish)