Michigan

Detroit announced Wednesday plans to build a $650 million hockey and entertainment complex downtown that would rely on $300 million of private activity bonds for financing.

Detroit's controversial debt restructuring proposal illustrates the need for clarity in a shifting municipal market, the director of municipal research at Breckinridge Capital Advisors said Wednesday.

Detroit emergency manager Kevyn Orr knows the muni market is rattled that the city would cut GO debt in a restructuring, but says investors had plenty of warning signs.

The Michigan Court of Appeals Friday blocked an Ingham County judge's order that an aide to Gov. Rick Snyder turn over the names of all candidates for the Detroit emergency manager position.

Fitch Ratings downgraded to D from C the rating on $1.5 billion of pension obligation certificates of participation issued by Detroit in 2005 and 2006. The downgrade comes after Detroit missed a $39.7 million pay due on the COPs last Friday.

Michigan attorney general Bill Schuette issued a formal opinion arguing that the Detroit Institute of Art's prized art collection is off limits to creditors or Detroit officials struggling to cover the city's debt because it is held in a charitable trust.

Detroit's plan to treat all $11.4 billion of unsecured debt the same is aggressive and would set a precedent in the market, analysts said.

Detroit's decision to default on its unsecured debt could be an opportunity for the city's bond insurers to prove their importance in the market.

Detroit’s announcement Friday that it will default on some of its bonds, including a $39.7 million pension certificate payment due Friday, could have major repercussions for the municipal market, analysts and bond attorneys said.

A day after Standard & Poor's downgraded Detroit four notches, with the city's emergency manager set to meet with creditors, Moody's lowered its rating on all the city's outstanding bonds, pushing water and sewer debt to speculative grade.

Michigan Gov. Rick Snyder Thursday signed into law a $49 billion all-funds 2014 budget, calling it a "solid budget" that makes investments in the state's long-term future.

Standard & Poor's cut its rating four notches on Detroit, down to CCC-minus, on the likelihood that bondholders will have their payments adjusted.

Wayne County, Mich. halted a $300 million largely bond-financed jail complex in downtown Detroit amid cost overruns.

Moody's Investors Service Monday upgraded to Baa2 from Baa3 its rating on Mercy Memorial Hospital Corp., reflecting three years of improved performance.

Gov. Rick Snyder last week announced that five cities, including Detroit, are in line to receive $100 million of federal funds to fight blight.

Washtenaw County is considering issuing $345 million to pay down its pension and retiree health care obligations.

The recent debt service defaults of two Michigan school districts highlights the struggles facing a near-record number of districts across the state.

Detroit emergency manager Kevyn Orr puts the odds of the city declaring bankruptcy at 50-50.

Ascension Health Alliance will make its first foray into the long-term taxable market this week when it sells $1 billion of refunding bonds in a mix of tax-exempt and taxable paper.

The Securities and Exchange Commission has charged the leader of a Detroit-based investment advisor for stealing nearly $3.1 million from a pension fund that his firm manages for the city's police officers and firefighters.