Michigan

Moody's Investors Service this year has downgraded nearly a quarter of the local school districts it rates in Michigan, a big jump from last year that reflects growing budget strains and challenges.

Detroit has not reallocated payments for its unlimited-tax general obligation bonds because those bonds are tied up in federal mediation talks, the city said Monday.

Detroit Monday disclosed the fees it must pay to Barclays Capital Inc. to secure a $350 million debtor-in-possession financing, after the bankruptcy judge overseeing the city's case ordered the disclosure.

Wayne County is expected to vote Tuesday on a proposal to sell an unfinished, bond-financed jail project in downtown Detroit to a private developer.

The federal judge overseeing Detroit's bankruptcy case ruled Thursday that the city must reveal the fees it plans to pay to Barclays for a $350 million debtor-in-possession financing, one of the few DIP loans for a municipality in Chapter 9.

Detroit's mayor-elect Mike Duggan introduced the core of his transition team even as he said it remains unclear how much power he will have under the city's state-appointed emergency manager.

Detroit emergency manager Kevyn Orr redirected $95 million meant for debt-service payments into a fund for restructuring costs, according to a budget memo obtained by the Detroit City Council.

A state-run board Tuesday approved Gov. Rick Snyder's push to lease Belle Isle, Detroit's biggest park, for up to 30 years, killing an alternative 10-year lease proposed by the Detroit City Council.

Michigan will pay 0.40% in interest for $30 million of two-year taxable general obligation bonds that the state sold in a competitive sale last week.

The question of whether Detroit negotiated in good faith with its creditors, or even could, emerged as a central question in the nine-day trial over whether the city is eligible to enter Chapter 9 bankruptcy.

Two bond insurers sued Detroit Friday for defaulting on its general obligation bonds, a challenge that goes to the heart of the city's unprecedented effort to treat its unlimited-tax GO debt as unsecured.

Attorneys will present closing arguments Friday in Detroit's court battle to enter Chapter 9 bankruptcy, capping an eight-day trial that centered on whether the city has negotiated in good faith with creditors.

Bond insurer Syncora Guarantee Inc. filed an objection to Detroit's effort to repair its broken down streetlight system with the use of the city's utility tax to back bond payments.

Texas voters approved a $2 billion water bond program Tuesday in the largest of many bond related issues voters decided in the off-year.

Detroit late Tuesday asked the federal judge overseeing its bankruptcy case to approve a controversial $350 million debtor-in-possession financing.

Former Michigan Treasurer Andy Dillon said Tuesday that he became convinced bankruptcy was inevitable for Detroit when he saw the city’s proposal for unsecured creditors.

Former Michigan Treasurer Andy Dillon may be called to testify Tuesday as the battle over Detroit's eligibility to enter into bankruptcy enters its seventh day.

Midwestern voters face a mix bag of bond and electoral questions Tuesday including bond referenda, and a pension measure in Cincinnati.

Ahead of a $30 million deal, ratings analysts said Michigan continues to rebound from recession and appears well protected against fallout from the Chapter 9 bankruptcy of its largest city, Detroit.

Wayne County, Mich., centered on Detroit, was downgraded to Standard & Poor's lowest investment grade rating in its third downgrade from a major ratings agency in three months.