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Article: Fitch Downgrades Detroit, MI's UTGO/LTGO Bonds to 'BBB'; Rating Watch Negative.
- Article from:
- Business Wire
- Article date:
- December 2, 2005
CopyrightCOPYRIGHT 2005 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO -- Fitch Ratings lowers the rating on $2.9 billion of tax-supported debt issued by City of Detroit, Michigan and related entities, as detailed below. All affected ratings are placed on Rating Watch Negative. Also, Fitch assigns a 'BBB' rating to $54 million general obligation bonds (GO; unlimited tax), series 2005-B, and $35 million GO refunding bonds (unlimited tax), series 2005-C. The bonds are scheduled to price on Dec. 5 through a syndicate led by JPMorgan.
The following ratings are downgraded and placed on Rating Watch Negative:
-- $579.9 million Detroit, MI unlimited tax general obligation bonds, to 'BBB' from 'BBB+',
-- $398.9 ...