It is not time to panic despite the struggle of Detroit bondholders to regain their money, representatives of the four largest bond rating agencies told state treasurers Thursday.

Analysts from Moody's Investors Service, Standard and Poor's, Fitch Ratings, and Kroll Bond Rating Agency gave members of the National Association of State Treasurers an overview of their outlooks during the final day of the NAST's annual conference here. Some treasurers had expressed concern about the ongoing tension over whether holders of Detroit's bond debt will be made close to whole, or will have to accept major haircuts, could cause the rating agencies to downgrade local debt across the country. But the analysts urged them not to be hasty and pointed out reforms many states and localities are making to pension other post-employment benefit systems.

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