Fitch Cuts Detroit ULTGOs to B

Published March 22, 2012, 3:14 p.m. EDT

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Updated March 22, 2012, 3:14 p.m. EDT

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NEW YORK - Fitch Ratings said it has downgraded Detroit’s ratings, as follows: approximately $553 million unlimited tax general obligation (ULTGO) bonds to B from BB-minus; approximately $486 million limited tax general obligation (LTGO) bonds to B-minus from B-plus; approximately $1.5 billion pension obligation certificates of participation (COPs) series 2005-A, 2006-A, and 2006-B issued through the Detroit Retirement Systems Funding Trust, Michigan to B from BB-minus.

The ratings remain on Rating Watch Negative.

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