CHICAGO - Hit with a string of downgrades, Detroit officials said yesterday they have hired a pair of public finance law firms to help deal with fallout from the loss of its investment-grade credit that includes the possible demand for $400 million in swap termination payments.

The announcement followed Moody's Investors Service's move Tuesday to strip the city's $530 million of unlimited-tax general obligation bonds of their low investment-grade rating by downgrading the debt to Ba2 from Baa3.

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