CHICAGO — "Aggressive," "precedent-setting" and "unconventional" are a few of the words analysts used to describe Detroit emergency manager Keyvn Orr's restructuring plan, largely because it puts its voter-approved unlimited-tax general obligation bonds on par with other unsecured debts.

Municipal Market Advisors, in a report Monday, said if the city's move to treat all unsecured debts the same is successful, "market participants may need to ignore future claims of structural superiority for general obligation issues in the state and should demand a relatively higher yield for Michigan GOs versus, for example, New Jersey GOs."

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