CHICAGO -- As Michigan comes to market this week with $30 million of general obligation refunding bonds, ratings analysts said the state continues to rebound after a decade-long recession and appears well protected against fallout from the bankruptcy of its largest city.

This week’s borrowing, a competitive sale set for Wednesday, will be Michigan’s second since Detroit filed for Chapter 9 on July 18. The first sale, of transportation refunding bonds in late August, reportedly attracted a number of hedge fund investors, market participants said at the time.

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