Reuters: Bankruptcy News: Detroit bankruptcy could change view of GO bonds -Fitch

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Detroit bankruptcy could change view of GO bonds -Fitch Jul 23rd 2013, 14:22 July 23 | Tue Jul 23, 2013 10:22am EDT July 23 (Reuters) - The proposed treatment of Detroit's general obligation bonds in the city's recent bankruptcy filing could lead to new distinctions between debt with limited and unlimited tax pledges, Fitch Ratings said on Tuesday. A proposal by Detroit's state-appointed emergency manager lumps some unlimited-tax, voter-approved GO bonds with limited-tax GO debt and other debt labeled as unsecured, according to the rating agency, which said that treatment is at odds with its prior expectations. "If it is confirmed in bankruptcy, it will lead the agency to rethink the distinctions made between tax-supported ratings within Michigan and perhaps nationally," Fitch said in a statement.

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