Moody's Investors Service said it has downgraded the city of Detroit's general obligation unlimited tax (GOULT) rating to Caa2 from Caa1 and its general obligation limited tax (GOLT) rating to Caa3 from Caa2.

Moody's also downgraded the city's certificates of participation (COPs) rating to Caa3 from Caa1. The GOULT, GOLT and COPs ratings have all been placed on review for possible downgrade.

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