Budget woes undermine Michigan

13 April 2012

MICHIGAN, home of the US motor industry, has had its prized triple-A debt rating cut by Standard & Poor's as manufacturing sector woes undermine the state's budget.

Facing a shortfall next year of $539m (£303m), Michigan, now rated AA-plus by S&P, had expected to finish the financial year with reserves of $360m. But a slump in income, partly because of the sluggish Detroit car industry, has left its finances in tatters.

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