Reuters: Bankruptcy News: S&P cuts Detroit pension debt rating to D on default

Reuters: Bankruptcy News Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

S&P cuts Detroit pension debt rating to D on default Jun 18th 2013, 19:17 June 18 | Tue Jun 18, 2013 3:17pm EDT June 18 (Reuters) - Standard & Poor's Ratings Services on Tuesday lowered the rating on Detroit's pension obligation certificates of participation to D from CC in the wake of the city's decision to stop payments on the debt. "The downgrade reflects non-payment of debt service on the scheduled principal and interest payment date of June 15," S&P credit analyst Jane Hudson Ridley said in a statement. Detroit's emergency manager announced on Friday that the cash-strapped city would cease payments on its unsecured debt, starting with the COPs payment of about $39.7 million. Both Moody's Investors Service and Fitch Ratings on Monday dropped their ratings on about $1.5 billion of COPs to levels signifying default.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions