Reuters: Bankruptcy News: Risks remain on Detroit water, sewer bonds, despite payment -Moody's

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Risks remain on Detroit water, sewer bonds, despite payment -Moody's Oct 2nd 2013, 21:12 Wed Oct 2, 2013 5:12pm EDT Oct 2 (Reuters) - Moody's Investors Service said on Wednesday that risks remain for Detroit's water and sewer revenue bonds, despite a full Oct. 1 payment by the city on the debt. An assertion from Detroit's emergency manager that the debt is subject to negotiations with bondholders raises the prospect of losses or a "distressed exchange" for bondholders, Moody's said in a comment. Detroit became the biggest U.S. city ever to file for bankruptcy in July, and investors are watching how the emergency manager and the courts want to treat various classes of municipal bonds. Moody's rates the water and sewer bonds B1 for senior lien bonds and B2 for second lien bonds.

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