Reuters: Bankruptcy News: S&P drops Detroit GO bond ratings to D in wake of default

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S&P drops Detroit GO bond ratings to D in wake of default Oct 2nd 2013, 16:05 Wed Oct 2, 2013 12:05pm EDT Oct 2 (Reuters) - Standard & Poor's Ratings Services on Wednesday downgraded the ratings on Detroit's limited and unlimited-tax general obligation bonds to D from C, after the city failed to make a payment on the debt. "The downgrade reflects the nonpayment of debt service to the paying agent for the scheduled principal and interest payment date of Oct. 1," said S&P credit analyst Jane Hudson Ridley in a statement.

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