Caitlin Devitt

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.

A bill that would allow Nebraska to issue bonds for highway construction advanced last week despite an eight-hour filibuster aimed at derailing the measure.

The Detroit bankruptcy judge on Wednesday will consider a request from bond insurers and others requesting that a hearing on a controversial swaps settlement scheduled for Thursday be pushed back by at least 10 days.

South Dakota Gov. Dennis Daugaard last week signed into a law a bill authorizing the state's building authority to issue bonds to help finance a new $65 million football stadium at South Dakota State University.

Detroit Friday released details of a controversial $120 million loan with Barclays as ordered by the bankruptcy judge overseeing the case.

North Dakota Gov. Jack Dalrymple is considering a special session devoted to meet the infrastructure needs of the local governments grappling with the state's record oil boom.

Detroit amended its interest-rate swaps deal to drop banks' requirement that it sign off on its plan of debt adjustment, and also said it would file an updated bankruptcy plan on Monday.

Detroit's proposed $120 million loan with Barclays, which would finance service improvements, advanced Tuesday after a key Michigan board approved the deal.

Standard & Poor's Tuesday downgraded Detroit's already junk-rated $5.9 billion of water and sewer bonds warning of a default even as the city turns to the private sector to take over the asset.

The city of Flint and Genesee County in Michigan and their new Karegnondi Water Authority are bringing $220 million of bonds to market to finance their breakaway from the Detroit Water and Sewerage Department and build their own 63-mile pipeline to Lake Huron.

The judge overseeing Detroit's bankruptcy case ordered the city to disclose more details of a proposed $120 million loan with Barclays, including financing terms and the use of proceeds.