Fitch Ratings has downgraded to 'D' from 'C' the following Detroit, Michigan ratings:
--Approximately $411 million unlimited tax general obligation (ULTGO) bonds;
--Approximately $202.8 million limited tax general obligation (LTGO) bonds.
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 city's publicly announced intention to default on the scheduled interest payments on limited and unlimited tax general obligation bonds due on Oct. 1, 2013.
