EFTA Document EFTA01378357

Municipal Credit > Investment Grade State of Michigan Updated: Oct 31, 2015 Trade Idea: o Buy state of Michigan general obligation bonds. Investment Rationale: a Security: The bonds are general obligations to which the State of Michigan pledges its full faith and credit. o The state's economy is improving. Since FY11, the State has seen 4 years of consecutive job growth, with FY14 showing growth of 2.23%. Unemployment has also recovered to be in line with the national average, atter bein