Standard & Poor's Ratings Services has lowered its rating on Detroit's unlimited- and limited-tax general obligation (GO) bonds and pension obligation certificates to 'CCC-' from 'B'. The outlook is negative.

"The downgrade is based on recent announcements from the city's Emergency Financial Manager that Detroit may take steps to adjust payments to bondholders, as well as immediate plans to meet with bondholders to discuss the city's financial condition and resources," said Standard & Poor's credit analyst Jane Hudson Ridley.

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