Detroit's credit rating downgraded by second agency
Published by Julia Volkovah under FINANCIAL EVENTS, SOCIETY'S COLLAPSE on 12:51 AM“The downgrade and maintenance…are based on delays in implementation of actions at the city and state level that might avert a fiscal crisis for the city,” the Fitch report said. “Fitch sees no assurance that the considerable hurdles to implementing urgently needed changes in the city's financial profile will abate.”
The rating agency downgraded by two notches $553 million in unlimited tax general obligation bonds and $486 million in limited tax general obligation bonds. Fitch also downgraded by two notches $1.5 billion in pension obligation certificates through the Detroit Retirement Systems Funding Trust. Read More