CHICAGO — Fitch Ratings downgraded $3 billion of Detroit’s sewer bonds as the city prepares to enter the market with a new-money issue in mid-June, in part to cover the expense of terminating costly interest-rate swaps.

Fitch on Tuesday dropped its rating to A-minus from A on $1.4 billion of outstanding senior-lien sewer revenue bonds and lowered $1 billion of second-lien sewer to BBB-plus from A-minus.

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