UPDATE 2-Moody's revises Michigan ratings outlook to negative

Newswire

(Adds reaction from state, jobless rate, upcoming bond sale) CHICAGO, March 26 (Reuters) - With the deteriorating automotive industry taking a toll on the Michigan economy, Moody's Investors Service said it revised the state's rating outlook to negative from stable, affecting more than $5 billion of outstanding debt. "The outlook for Michigan's rating is negative, based on the state's lack of economic resiliency, which may increase budgetary challenges, reduce liquidity, and encourage ...

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