Fitch downgrades Detroit bonds amid consent agreem
Jun 13, 2012 8:09:28 GMT -5
Post by popcorn on Jun 13, 2012 8:09:28 GMT -5
Fitch downgrades Detroit bonds amid consent agreement turmoil 
Fitch Ratings announced Tuesday that it has downgraded several areas in the city's bonds. Downgraded were the city's unlimited general tax obligation bonds to CCC from B, limited tax general obligation bonds from CC from B- and pension obligation certificates of participation though the Detroit Retirement Systems Funding Trust, Michigan to CC from B.
Fitch said the possibility that the city would not make a debt service payment on its pension certificates of participation is a driving force behind the downgrade.
From The Detroit News: www.detroitnews.com/article/20120612/METRO01/206120422#ixzz1xg7toHOs
Fitch Ratings announced Tuesday that it has downgraded several areas in the city's bonds. Downgraded were the city's unlimited general tax obligation bonds to CCC from B, limited tax general obligation bonds from CC from B- and pension obligation certificates of participation though the Detroit Retirement Systems Funding Trust, Michigan to CC from B.
Fitch said the possibility that the city would not make a debt service payment on its pension certificates of participation is a driving force behind the downgrade.
From The Detroit News: www.detroitnews.com/article/20120612/METRO01/206120422#ixzz1xg7toHOs