Michigan

Fitch Ratings confirmed Wednesday that Detroit made its Oct. 1 debt service payments on water and sewer bonds despite a default on its general obligation debt.

Insurance is making a big difference in trading prices on Detroit's general obligation debt as the city was poised Tuesday to officially default on its first GO full faith and credit pledge.

The fiscal condition of Michigan local governments continues to improve from a nadir in 2010, but the pace of improvement slowed dramatically in fiscal 2013, according to a University of Michigan report.

As promised, Fitch Ratings Monday dropped Detroit to D from C a day ahead of the city's expected default on its general obligation bond payments.

Bankruptcy Judge Steven Rhodes, who oversees Detroit’s bankruptcy case, will hear arguments over the legality of the state’s emergency management law as well as other issues Wednesday.

Detroit emergency manager Kevyn Orr said last week he wants to freeze the city's two pension funds by the end of the year and shift employees into a 401(k)-style plan.

Oakland County, Mich. said time and money -- not fear of a Detroit penalty -- drove its decision to do its first-ever private placement, on a long-planned $350 million general obligation refunding.

White House officials announced they are freeing up $300 million of federal funds for Detroit to tell the rest of the country the Obama administration believes in the city's future.

Detroit will default on its October 1 general obligation bond payments, making it one of the largest cities to default on such a payment since the Great Depression.

After a preliminary review, Michigan declared that no financial emergency exists in the East Detroit school district.

Standard & Poor's revised its outlook to negative on Western Michigan University Board of Trustees, warning that the university faces growing pressure from its debt load.

CHICAGO — A key bankruptcy hearing on Detroit’s proposed settlement with interest-rate swap counterparties set for this week was delayed Monday to allow negotiations with bond insurers and other creditors to continue.

Detroit is expected to ask the judge overseeing its bankruptcy to safeguard a revenue source it wants to use to back debt for repairs to its notoriously broken down public lighting system.

Michigan needs to play a bigger role in Detroit's recovery, and help the city access the capital markets, experts told the Michigan Municipal League's annual meeting.

Detroit's attorneys renewed arguments about the need for speed in its Chapter 9 case Thursday, telling the judge the city needs to know soon if it will officially be afforded bankruptcy protection.

A Financial Industry Regulatory Authority arbitration panel has ruled against The Police and Fire Retirement System of the City of Detroit, which was seeking at least $39.9 million from Citigroup Global Markets, Morgan Stanley Dean Witter and other firms over risky investments.

As one of the few major museums owned by a municipality, the Detroit Institute of Arts is in the crossfire of the largest municipal bankruptcy, says director Graham Beal.

Fitch Ratings renewed its warning about a potential broader market impact on how it rates unlimited tax GOs should Detroit prevail in bankruptcy in treating its unlimited tax bonds as unsecured.

Build America Mutual Assurance Co., the municipal-only financial guarantor seeking to establish itself in a reviving bond insurance market, this month wrapped $76 million of new general obligation bonds for Michigan issuers to help them overcome the taint of Detroit's bankruptcy.