Michigan

The head of Wayne County, home to Detroit, has ordered a spending freeze across the government as the county tries to stabilize its credit deterioration and ward off a state takeover.

A bill designed to ease Detroit's first appearance in the public debt market since its bankruptcy sailed through a Michigan legislative committee and could come before the Senate next week.

Moody's affirmed its junk ratings but revised its outlook to stable from negative on the Pontiac, Michigan school district, where a 2013 default made it one of the few school district to default in the nation.

Michigan lawmakers have sent Gov. Rick Snyder legislation that patches an estimated $420 million current-year shortfall coming from business tax credits.

Macomb County, which borders Detroit, is expected to come to market next week with $264 million of retiree health care bonds to pay off all of the outstanding OPEB obligation.

Detroit leaders are poised to send a $1 billion 2016 budget to the financial committee that oversees the bankrupt city that it hopes will be the first of three straight balanced budgets that would give the city financial independence by 2018.

Municipal bond borrowing by Midwestern issuers picked up steam last year, rising by 6.9% to $63.5 billion as issuers loosened the reins a bit on new money borrowing and refundings recorded double-digit gains thanks to favorable interest rates.

Easing Detroit Public Schools' debt burden is considered key to the district's revival and survival, and bankruptcy is possible, according to one of the reformers working on the turnaround effort.

A week after pushing Wayne County, Mich. to junk territory, Standard & Poor's released a commentary saying it's too early to start talking about bankruptcy or a state takeover for the county, home to Detroit.

An agreement on staffing a new customs facility in Detroit removes the final roadblock to a $3.3 billion P3 bridge project.

Michigan is reportedly looking for ways to provide debt relief for the cash-strapped Detroit Public Schools as part of a larger turnaround plan.

Federal Bankruptcy Judge Thomas Tucker, who took over Detroit's bankruptcy this week, asked attorneys to meet with him to address any lingering issues in the historic case.

Standard & Poor's dropped Wayne County, Mich.'s limited-tax general obligation rating out of investment grade territory over its weakening financial position and warned of the potential for further deterioration.

U.S. Bankruptcy Court Judge Steven Rhodes, who oversaw Detroit's historic Chapter 9 bankruptcy, will retire Feb. 18, the court announced Friday.

Detroit will float $119 million of water and sewer bonds through the state's revolving fund under a resolution approved Thursday by the financial commission that oversees the post-bankrupt city.

U.S. Bankruptcy Judge Steven Rhodes has approved $183 million of fees charged by professionals during the city's bankruptcy, in a ruling that heaps praise on the attorneys and consultants who worked on the city's behalf.

The Detroit Water and Sewerage Department wants to impose double-digit rate hikes to offset flat revenues even as the city and suburban leaders continue to try to hammer out a final deal to lease the troubled department to a regional authority for 40 years.

Michigan Gov. Rick Snyder's 2016 executive budget features only modest spending increases and little borrowing as the governor continues to push lawmakers to support a sales tax increase to generate $1.3 billion in new road money.

Detroit Mayor Mike Duggan said in his state of the city address Wednesday night that the city is on the road to recovery and that he’s focused on growing population to ensure long-term survival.

A day after Wayne County officials warned of a grim financial picture, Moody's Investors Service stripped the county of its investment-grade rating and Fitch Ratings put its already junk-bond ratings on negative watch.