Reuters: Bankruptcy News: S&P cuts Detroit bond ratings on expected default

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S&P cuts Detroit bond ratings on expected default Jun 14th 2013, 20:49 June 14 | Fri Jun 14, 2013 4:49pm EDT June 14 (Reuters) - Standard & Poor's Ratings Services dropped Detroit's credit ratings to CC from CCC-negative on Friday, citing the city's expected default on outstanding pension debt. Kevyn Orr, the city's emergency manager, released a restructuring plan that calls for a halt to debt service payments on unsecured debt, starting with a $34 million payment due Friday. "Standard & Poor's rates an issue CC when we expect default to be a virtual certainty, regardless of the time to default," the credit rating agency said in a statement. S&P, which just downgraded Detroit's ratings on Wednesday, also kept a negative outlook on the CC rating for the city's general obligation and pension debt due to the potential of a Chapter 9 municipal bankruptcy filing.

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