Fitch Ratings last week downgraded its rating to BBB-minus from BBB-plus on three series of tax-increment financing bonds issued for Detroit’s downtown business district. The Detroit Downtown Development Authority issued the debt in 1998. The outlook remains negative.
The downgrade affects TIF bonds issued for development area No. 1, located within the city’s Downtown Development District. Area No. 1 consists of 615 acres and encompasses most of the downtown business district, including General Motors’ headquarters, according to Fitch analysts.