Friday, July 19, 2013

Reuters: Bankruptcy News: S&P cuts Detroit's GO debt further into junk status

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's GO debt further into junk status
Jul 19th 2013, 12:23

July 19 | Fri Jul 19, 2013 8:23am EDT

July 19 (Reuters) - Standard & Poor's Ratings Services cut its rating on Detroit's general obligation debt to 'C' from 'CC' on Friday, and gave the bankrupt Michigan city a negative outlook.

"The downgrade reflects the city's position as the subject of a bankruptcy petition, as of July 18, 2013," said Standard & Poor's credit analyst Jane Ridley.

"The negative outlook reflects our expectation that, given the Emergency Manager's statements regarding debt restructuring, actions taken to date, and negotiations currently underway with bondholders, we could lower the rating in the one-year time horizon of the outlook," Ridley said.

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

0 comments:

Post a Comment

 
Great HTML Templates from easytemplates.com.