Reuters: Bankruptcy News: S&P cuts ratings on Detroit water, sewer bonds to junk

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S&P cuts ratings on Detroit water, sewer bonds to junk Jul 3rd 2013, 18:45 July 3 | Wed Jul 3, 2013 2:45pm EDT July 3 (Reuters) - Standard & Poor's Ratings Services on Wednesday downgraded Detroit's water and sewage revenue bonds ratings to the junk level of BB-minus from A and A-plus due to the potential the debt could be restructured by the emergency manager running the city. The rating agency said under a restructuring, the repayment terms could change, including principal and interest amounts and the amortization schedule. It added that the BB-minus ratings were placed on a watch list until a clearer plan emerges for the senior-lien and second-lien bonds by Kevyn Orr, Detroit's state-appointed emergency manager. The downgrades affect $5.42 billion of outstanding debt, according to S&P.

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