Michigan

Detroit is treating the bonds issued by the Downtown Development Authority as secured, though the DDA itself is expected to take a 80% haircut on an outstanding loan, Fitch Ratings noted in a comment.

Fitch Ratings downgraded more than $4 billion of Detroit Water and Sewerage Department debt to junk bond status Friday afternoon.

Detroit said creditors should have until June 9 to review and vote on the controversial debt plan it filed last week in bankruptcy court.

All of Detroit's major creditors, including bond insurers, Friday asked the federal judge overseeing Detroit's bankruptcy case to delay the fast-track schedule by at least a month or more.

Detroit Mayor Mike Duggan, in his first state of the city address, said the foundation has been laid for Detroit's revitalization as it moves through its historic Chapter 9 bankruptcy.

Standard & Poor's affirmed ratings and removed from CreditWatch Detroit's distributable state aid bonds issued in 2010 and 2012 through the Michigan Finance Authority.

Midwestern volume dwindled by 18.1 % in 2013 to $59.1 billion from nearly $72.2 billion a year earlier as rising interest rates sapped refunding opportunities and lackluster new-money issuance did little to offset the drop.

The federal judge overseeing Detroit's bankruptcy case denied a request from major creditors, led by bond insurers, to slow down the city's fast-track schedule for approval of key bankruptcy documents.

Holders of Detroit's general obligation bonds are among the biggest losers in the city's debt plan, and that's prompting some muni market participants to call for a fresh look at how GOs are viewed.

The judge overseeing Detroit's bankruptcy case released a schedule Monday that sets hearings through June to consider the city's effort to shed its debts and move out of Chapter 9.

Detroit is being cautious about its revenue projections — and its ability to enter the capital markets — over the next decade, according to documents filed in bankruptcy court.

The bond insurers that wrap a chunk of Detroit's unsecured debt blasted the city's debt adjustment plan filed in bankruptcy court Friday, joining a chorus of criticisms from the municipal bond market.

Detroit filed a proposed plan of adjustment that lays out how the city hopes the bankruptcy court will treat its $18 billion of debt, including major cuts to bondholders.

Detroit's pension funds can file a direct appeal of the federal bankruptcy court's decision that the city is eligible for Chapter 9, a process that will run parallel to the city's Chapter 9 case.

Detroit plans to file its long-awaited debt adjustment plan Friday.

The Michigan Senate was poised Thursday to approve a plan to give local governments $100 million to help with road repairs needed after the long winter.

The federal bankruptcy judge overseeing Detroit's Chapter 9 case heard arguments Wednesday from bond insurers challenging the city's effort to treat its unlimited-tax general obligation bonds as unsecured.

Lawyers for Detroit told the bankruptcy court Wednesday the city plans to file a motion proposing a new swaps settlement with UBS and Bank of America in the next three to four days.

Michigan Gov. Rick Snyder's proposed 2015 budget bodes well for the state's struggling local governments, Moody's Investors Service said Tuesday.

Detroit's Cobo Hall, the riverfront convention center that a few years ago struggled to survive, is now touting itself as a model of regional cooperation that the bankrupt city can replicate as it tries to rebuild itself after bankruptcy.