Fitch downgrades Detroit over bond payment worries

  • Business Premium
  • Wednesday, 13 Jun 2012

(Reuters) - Concerns that Detroit may miss a payment due Friday on its pension debt led Fitch Ratings to lower the city's already junk-level ratings into the C category on Tuesday, denoting a higher chance of default.

Fitch analyst Amy Laskey cited statements by Mayor Dave Bing that the city may not be able to make a payment on $1.5 billion of pension debt as it may run out of cash by Friday.

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