Michigan

The Michigan Finance Authority was the nation's fifth largest issuer last year, driven largely by its last-minute, late-December issuance of $3.32 billion of short-term bonds to pay off the state's unemployment liability.

The Detroit City Council approved a $150 million bond sale that will generates cash to cover looming debt-service payments.

Allen Park officials last week sent a letter to Michigan Treasurer Andy Dillon asking the state to launch a preliminary review of the city’s finances. The first step that could lead to a state takeover.

Moody’s Investors Service downgraded to Aa3 from Aa2 Wyoming, Mich.’s sewage disposal revenue bonds, as the city prepares to come to market with a $3.1 million refunding for savings.

Detroit Mayor Dave Bing announced Monday he had sent a draft of a consent decree to the City Council for review.

Michigan Gov. Rick Snyder indicated that the state would not step in to help Detroit cover its looming debt payments even if the city does not have enough money to meet those obligations.

Detroit would issue $100 million of new-money self-insurance bonds and push off $37 million of near-term debt service as part of Michigan's plan to pull the city back from the brink of insolvency.

Detroit Mayor Dave Bing late Tuesday blasted Michigan Gov. Rick Snyder for a proposed consent decree that the mayor said is a thinly disguised state takeover of the distressed city.

Standard & Poor’s last week downgraded the city of Allen Park deeper into junk-bond territory, dropping its long-term rating on the Michigan city’s unlimited-tax and limited-tax general obligation bonds to B from BB-plus.

The Michigan treasurer announced Friday that Detroit Public Schools will take over management of the struggling Highland Park School District.

Moody’s Investors Service has downgraded to Baa1 from A3 its rating on the Brighton Area School District and maintained its negative outlook, warning that the Michigan district is facing financial pressures and a significant general fund deficit.

CHICAGO — An effort afoot to suspend and overturn Michigan's emergency manager law could have negative consequences for the fiscally stressed local governments the law aims to help, Moody's Investors Service warns.

CHICAGO — Junk-rated Detroit Public Schools will bring $252 million of refunding bonds to market this week that feature enhanced double-A ratings based on Michigan's full-faith-and-credit pledge to repay the debt.

CHICAGO — A team of Michigan officials that is reviewing Inkster's finances voted Wednesday to accept a consent decree with local officials, a move that would allow the troubled Detroit suburb to avoid a full state takeover.

CHICAGO — A struggling Detroit suburb will ask voters to approve a property tax increase to cover debt payments on a failed film studio development that is draining the city's general fund.

Moody’s Investors Service last week downgraded to Baa3 from Baa1 its rating on Michigan’s Mount Clemens Community School District.

CHICAGO — Michigan lawmakers were scrambling Thursday to craft and pass a bill that would keep open a troubled suburban Detroit school district, while on a separate front the state battled with local school officials over the appointment of an emergency manager.

Weeks of intense negotiations with Detroit's 48 unions could be for nought as the tentative contracts don't generate enough savings to stave off a state takeover or prevent the city from going broke by April, according to a new fiscal analysis.

Fitch Ratings last week downgraded Lincoln Park School District’s underlying rating to BBB-plus from A and revised its outlook to negative from stable.

Michigan Gov. Rick Snyder’s proposed $48.2 billion fiscal 2013 budget, unveiled last week, is a credit positive for local governments and school districts, Moody’s Investors Service said last week.