Detroit's Debt Rating Downgraded

Moody's Investors Service issued two downgrades Tuesday of the city's tax debt that could further hamper the financially threatened city's efforts to borrow money. Detroit's $553.1 million of outstanding general obligation unlimited tax debt received a B2 rating, down from Ba3. And its $486.4 million of outstanding general obligation limited tax debt got a B3 rating, down from B1. Both ratings fell by two points and placed Detroit as the lowest rated large urban city in the country
March 21, 2012

Moody's Investors Service issued two downgrades of the city's tax debt that could further hamper the financially threatened city's efforts to borrow money. Both ratings fell by two points and placed Detroit as the lowest rated large urban city in the country.

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