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STANDARD & POOR'S CONTINUES STRONG TRANSPORTATION BOND CREDIT RATING

STANDARD & POOR'S CONTINUES STRONG TRANSPORTATION BOND CREDIT RATING
 LANSING, Mich., Nov. 22 /PRNewswire/ -- The following was released today by the Michigan Department of Transportation:
 The Wall Street credit rating agency of Standard & Poor's (S&P) has affirmed the state's strong AA- credit rating for nearly $500 million in long-term Michigan Transportation bonds.
 "The S&P rating is good news for Michigan, and means that we have continued confidence from Wall Street in bonding for transportation projects," Michigan Department of Transportation (M-DOT) Director Patrick Nowak said. "A strong credit rating saves money in borrowing costs."
 The affirmed AA- credit rating for $206.8 million in comprehensive transportation fund bonds and $275.3 million in state trunk line fund bonds reflects Michigan's stable outlook in revenue for transportation purposes. S&P wrote in their special Creditweek report for municipal ratings that an even higher credit rating for Michigan transportation bonds was precluded by flat fuel tax revenue and vehicle registration trends, the key sources for transportation funding.
 -0- 11/22/91
 /CONTACT: Wayne Niles of M-DOT Bureau of Finance, 517-373-2117; or Barbara Ann Bych, 212-208-1821, or Ernest Perez, 212-208-1855, both of Standard & Poor's/ CO: Michigan Department of Transportation; Standard & Poor's ST: Michigan IN: TRN SU: RTG


ML -- DE021 -- 6485 11/22/91 15:51 EST
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Publication:PR Newswire
Date:Nov 22, 1991
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