UPDATE 1-S&P strips Michigan of top credit rating

Newswire

(Recasts, adds details, governor's comment) By Joan Gralla NEW YORK, Dec 30 (Reuters) - Standard & Poor's on Tuesday stripped Michigan of its coveted triple-A credit rating, saying the state, which is heavily dependent on the ailing auto industry, faced large shortfalls in next year's budget. The credit rating agency cut Michigan to double-A-plus even though the national economy is expected to grow next year. Michigan had expected to finish fiscal 2003, ended in October, with a ...

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