WARNING Avoid Michigan School Debt as an Investment

There is a lot of bad municipal debt out there, but Michigan school credits look like they are among the worst.

Bloomberg reports:

For Michigan school districts, the report cards aren't looking good. Since 2009, Moody's Investors Service has downgraded 150 districts in the state, with many experiencing multi-level downgrades, the ratings company said in a Nov. 30 report. Year to date, Moody's has downgraded 47 of the 206 districts it rates in the Midwestern state, 15 of which saw credit rating declines of more than one grade.

More details here.