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Michigan / Credit Rating #283672

CBS Evening News for Wednesday, May 12, 1982
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(Studio) Wall Street credit rating service reported cutting state of Michigan to lowest rank of all states.
REPORTER: Dan Rather

(Detroit, Michigan) Depression's effect on Michigan noted. Unempl. said 15 percent. Auto industry slump blamed. Moody's Investment Services drop of Michigan rating to lowest of all states cited. [Bond Analyst Claire COHEN - comments on drop.] Action of legislature to raise state income tax said too late to avert rating drop. [State Budget Director Gerald MILLER - expresses extreme disappointment.] [Bond Consultant Bud SCHIMMEL - comments.] Possibility other states may share Michigan experience considered.
REPORTER: Gary Shepard

Reporter(s):
Rather, Dan;
Shepard, Gary
Duration:
00:02:10

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