Rep. Singh Reacts to State Bond Rating Downgrade

Thursday, June 19, 2014

EAST LANSING — State Representative Sam Singh (D-East Lansing) released the following statement in reaction to Standard & Poor’s Ratings Services downgrade of Michigan’s AA-minus credit rating from Positive to Stable:

“This is unfortunate news for the people of our state. At a time when our state is attempting to regain our financial footing, this downgrade in S&P’s Outlook could increase our borrowing costs and impact additional access to financing. Undoubtedly, last week’s unwillingness of legislative Republicans to address our long-term structural deficit issues in road funding has sent the signal that Michigan is not prepared to invest in its infrastructure. The governor’s inability over the last three and a half years to get his own party to support a comprehensive transportation plan continues to hold back our state’s recovery. The lack of action continues to put a strain on the state’s general fund, a contributing factor to the S&P’s revision. This should serve as a wake-up call to my colleagues on the other side of the aisle that inaction is no longer an option.”