An institution that borrows on a non-prioritized basis would never contemplate borrowing on a prioritized basis. Doing so would undermine its standing in the bond market and suggest that it is not worthy of its strong credit rating. This type of self-imposed downgrade would materially affect its financial prospects.

We have been dealt a very weak hand by the financial market meltdown, bailouts, and recession. We can't act like it's a strong one.

Michigan is also the only industrial state that has a AAA credit rating.

It's probably far simpler in many ways to see some sort of financial institution, or that type of outcome to the sale process.

The best companies with the strongest credit ratings borrow like the United States: on a non-prioritized basis. This means that in the event of a default, all of their debts are of equal priority because lenders and creditors believe default is highly unlikely. And they spend considerable effort maintaining this status.

We have to start grounding our policies in facts and recognize that a strong economy is critical for funding progressive priorities.