Michigan

Michigan Treasurer Andy Dillon last week recommended that the state launch a formal investigation into the finances of Allen Park, which has struggled with growing deficits since issuing $31 million of bonds in 2009.

Michigan officials Friday were hoping to win an extension from Bank of America Merrill Lynch on the payment due date on $80 million of privately placed notes to win more time to settle a dispute with Detroit and move forward with a planned refinancing.

Moody's Investors Service last week placed Crittenton Hospital Medical Center’s Baa1 rating on review for downgrade, warning that the Michigan hospital's debt service coverage ratio has declined below the required covenant provisions.

Michigan Gov. Rick Snyder Monday signed a capital budget bill that authorizes $304 million of debt for projects at higher education institutions.

Moody's Investors Service said it has placed the Baa1 rating of Crittenton Hospital Medical Center, Mich., on review for possible downgrade, affecting $39.7 million in rated debt outstanding.

Detroit will pay yields ranging from 1.72% to 5.30% on $667 million of new-money and refunding sewer revenue bonds that the city's sewer department priced Wednesday.

CHICAGO — Traffic between Michigan and Canada may not be sufficient in the short term to justify construction of a new $3.5 billion trade bridge between the two countries, but that will likely change over the long term, Fitch Ratings said in a commentary released this week.

CHICAGO — Local governments in Michigan would be able to issue municipal bonds to pay off their unfunded pension liabilities if they close their pension plans, under legislation passed by the Senate last week.

The Detroit City Council last week approved the two final positions on the financial advisory board that will oversee the implementation of the city’s consent decree with Michigan.

Fitch Ratings Friday lifted its negative rating watch on Detroit's $1.5 billion of pension certificates of participation after the city made a scheduled $34.2 million debt service payment.

Michigan and Canadian officials Friday announced an agreement to build a new $4 billion, largely bond-financed trade bridge that has Canada taking on nearly all of the financial risk for the massive project.

Moody's Investors Service pushed Detroit further down into junk-bond territory over escalating political risks that challenge the beleaguered city's ability to give its fiscal consent agreement with Michigan enough time to stabilize the city's finances.

An Ingham County, Mich., Circuit Court judge threw out a lawsuit challenging Detroit's consent agreement with Michigan, allowing the city to narrowly avert a cash crisis that threatened its ability to make a Friday bond payment.

CHICAGO – Standard & Poor’s said in a special report Wednesday that its B rating on Detroit’s limited-and unlimited-tax bonds remains unchanged following an Ingham County, Mich., Circuit Court judge’s dismissal of a lawsuit challenging the city’s consent agreement with Michigan.

Fitch Ratings slapped a beleaguered Detroit with a downgrade to CCC Tuesday as Mayor Dave Bing ordered the city’s top lawyer to drop a lawsuit challenging the two-month old consent agreement between the city and Michigan.

The Detroit Water and Sewerage Department has pushed back a $500 million debt issue that was planned for Thursday to give officials time to work through a crippling dispute with Michigan that threatens to bankrupt the city.

Michigan education officials last Thursday approved the Pontiac School District’s deficit elimination plan, removing the threat of a state takeover and prompting the release of $2.8 million of overdue state aid that had been withheld in April and May.

A three-member Michigan Court of Appeals Friday ruled that a petition to overturn the state’s emergency management law could go on the ballot, then immediately stayed the ruling to poll the full 28-judge appellate bench on whether to reconsider the issue.

The Michigan Senate last week passed a bill allowing the lowest-performing 5% of schools to leave their districts and be converted to so-called conversion schools, including charters.

The Michigan House last week approved a bill that will allow Detroit and 40 other local governments to create a new bond-issuing authority to manage their public lighting departments.