CHICAGO -- Standard & Poor's Corp. removed $3.14 billion of Michigan debt from CreditWatch with negative implications and affirmed the state's AA general obligation rating last week, citting the fact that the state was able to eliminate a $1.4 billion deficit in its current year budget.

Vladimir Stadnyk, a managing director at the rating agency, warned, however, that the state was "definitely" not out of the woods yet. While Standard & Poor's removed its GO and other related debt from CreditWatch, where it was placed Jan. 23, 1991, the agency gave the state's rating a negative outlook.

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