Reuters: Bankruptcy News: Fitch drops Detroit bond rating to D due to payment default

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Fitch drops Detroit bond rating to D due to payment default Jun 17th 2013, 20:23 June 17 | Mon Jun 17, 2013 4:23pm EDT June 17 (Reuters) - Fitch Ratings on Monday dropped the rating on about $1.5 billion of Detroit bonds to the lowest level of D from C, citing the city's failure to make a June 14 debt service payment. The rating downgrade affects taxable pension obligation certificates of participation Detroit sold in 2005 and 2006, according to Fitch. Detroit's emergency manager on Friday announced the cash-strapped city would stop making payments on its unsecured debt, starting with the pension COPs.

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