Fitch Ratings said it has downgraded to D from C Detroit's approximately $1.5 billion pension obligation certificates of participation series 2005-A, 2006-A, and 2006-B issued through the Detroit Retirement Systems Funding Trust.

The D rating indicates failure to make payment of principal and/or interest under the contractual terms of the rated obligation. Fitch takes this action in response to the failure to pay the scheduled interest payment due on the certificates on June 14.

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