Fitch Ratings said Monday it is downgrading $613.8 million in Detroit bonds to “D” from “C” after the city said it plans to skip interest payments due on Tuesday.
Detroit, which filed for Chapter 9 bankruptcy restructuring in July, has offered $2 billion in exchange for $11.5 billion in obligations, including unsecured bonds, pension and retiree health care liabilities.
It is not clear how much is due Tuesday.
Monday, September 30, 2013
Fitch's downgrades Detroit bonds
The Detroit News reports:
