State Treasurer Rachael Eubanks on Tuesday announced that the state of Michigan successfully sold more than $950 million in both Environmental Program and State Building Authority bonds.
The sales came with strong investor interest as more than $2.17 billion in orders occurred for both bond sales. The state of Michigan’s strong general obligation credit ratings – “Aa1” by Moody’s and “AA” by Fitch – contributed to the demand.
The strong credit ratings enable the state to borrow money at a lower interest rate, which translates to taxpayer savings and reflects the general creditworthiness of the state.
“Institutional and individual investors continue to have confidence in the state of Michigan during the COVID-19 pandemic,” Eubanks said. “These recent bond sales show that investors are willing to put their dollars behind our state. The credit rating agencies also displayed confidence in Michigan’s economic and financial health by affirming their credit ratings.”
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