Michigan

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.

Detroit emergency manager Kevyn Orr will hold his first formal meeting with the city's creditors, including bondholders, June 14 at Detroit Metro Airport.

Moody's Investors Service late Wednesday downgraded Detroit Public Schools, now in its fifth year of state oversight, and the Pontiac City School District, located outside Detroit, which defaulted on a May debt-service payment.

The Michigan Senate Majority Leader delayed until Tuesday a vote on a measure that would protect the Detroit Institute of Arts' collection from the city's financial problems amid questions from his Republican colleagues.

Moody's Investors Service Monday affirmed its A2 rating on Bronson Healthcare Group and revised the outlook to stable from positive, saying the system has had softer operating margins following a 2011 merger and faces higher capital demands in 2013.

Standard & Poor's last week boosted its rating on Farmington Hills to AAA, making it one of only a handful of Michigan municipalities that carry the coveted top marks.

Three years after asking the state for permission to file bankruptcy, the troubled Detroit suburb of Hamtramck stepped closer to state takeover Monday when Gov. Rick Snyder declared it to be in a state of fiscal emergency.

Bloomfield, a town of 41,000 about 10 miles outside of Detroit, is set to become one of the state's first local governments to take advantage of a new law allowing municipalities to issue bonds to pay off their pension liabilities.

It would be difficult but not impossible for Detroit or its creditors to lay claim to the Detroit Institute of Arts' prized collection, bankruptcy attorneys say.

Senate Majority Leader Randy Richardville Wednesday introduced a measure to protect the Detroit Institute of Art's prized art collection, days after the city's emergency manager warned the art is vulnerable to creditors.

Moody's Friday placed the B1 issuer rating and B2 general obligation limited tax debt rating of Pontiac School District on review for possible downgrade after saying the district missed a debt payment scheduled for May 1.