Caitlin Devitt

Detroit's proposed settlement with its unlimited-tax general obligation bondholders is a positive development for the bondholders and insurers that wrap the debt, Moody's Investors Service said in a comment released Monday.

Indiana Gov. Mike Pence said he would reopen talks about economic incentives with the Pakistan-based company that is building a controversial fertilizer plant in Posey County.

Detroit's historic bankruptcy case gained momentum with court approval of a controversial interest-rate swaps settlement and a deal on its unlimited-tax general obligation bonds, but challenges still lay ahead, legal experts said.

KeyBanc Capital Markets Inc. has hired Mark Fisher to serve as a managing director in its public finance group, overseeing business in Ohio and Michigan.

After Illinois lawmakers approved overhauling two of Chicago's pension funds, Cook County President Toni Preckwinkle said she was poised to unveil her own reform plan for her county's troubled fund.

A bond insurer Wednesday asked the bankruptcy judge overseeing Detroit's case to force the city to consider four new bids for the city's art collection that could bring in as much as $2 billion.

The state of Michigan last week sold $83 million of bonds last week in a deal that state officials said was four times oversubscribed and proved that the state's credit remains appealing to investors.

The long-struggling city of Gary, Ind., is making a rare appearance in the bond market with a short-term deal that the city's mayor hopes will help rebuild the city's battered credit.

Detroit's creditors filed a flood of objections to the city's bankruptcy plan Monday, arguing it lacked critical information needed to answer even basic questions such as recovery rates.

Legislation that authorizes up to $600 million in revenue-backed borrowing for public university and state buildings in Missouri is headed to the House after Senate passage.

Another Detroit suburb faces state takeover after a review team declared it to be in a state of financial emergency.

Genesis Healthcare, an already junk-rated two-hospital system located outside Zanesville, Ohio, was downgraded by Moody's amid weak cash-flow margins.

Posey County, Ind., will remarket Tuesday $1.3 billion of notes in what will be the third remarketing for a controversial nitrogen fertilizer project that has run into significant political opposition.

Bankruptcy Judge Steven Rhodes, who is overseeing Detroit's bankruptcy, will rule next week on a critical interest-rate swaps settlement after an all-day hearing Thursday that centered on the legality of the lien backing the derivatives.

Detroit's revised debt plan, which proposes even lower recoveries for bondholders, is a harsh reminder that even bonds with strong security pledges will suffer when economic conditions are too bad, Moody's Investors Service said in a comment titled "Detroit Turns the Screw."

Moody's Investors Service Wednesday affirmed its Aa2 rating on Michigan, saying the state is anchored by strong fiscal management and a reviving auto industry.

Detroit can move forward with a controversial $120 million loan with Barclays, the federal judge overseeing the city's bankruptcy case said Wednesday.

Bondholder recoveries would tumble another 5% under an updated plan of debt adjustment that Detroit filed with the bankruptcy court Monday evening.

Standard & Poor's downgraded Cincinnati two notches to AA-minus, warning of a weak budget and high pension liability.

Bond insurer Syncora Guarantee requested dozens of documents from the Detroit Institute of Arts, Christie's, and the state tied to the insurer's challenge to the city's bankruptcy and its attempt to protect the city's art collection from sale.