Fitch Ratings last week downgraded to B-minus from B the outstanding water and sewer debt issued by Pontiac. All the city’s debt remains on Fitch’s negative watch.

The move comes a few weeks after Michigan officials declared Pontiac to be in a state of fiscal emergency and appointed a fiscal manager to take over its finances.

Subscribe Now

Independent and authoritative analysis and perspective for the bond buying industry.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.