Detroit Cut to D by S&P

Standard & Poor's Ratings Services said it has lowered its long-term and underlying ratings to D from C on the city of Detroit, Mich.'s limited- and unlimited-tax general obligation bonds.

"The downgrade reflects the nonpayment of debt service to the paying agent for the scheduled principal and interest payment date of Oct. 1," said Standard & Poor's credit analyst Jane Hudson Ridley.

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