CHICAGO - Standard & Poor’s junked nearly $6 billion of Detroit’s water and sewer bonds Wednesday amid the possibility that the city’s emergency manager Kevyn Orr will restructure the debt.

The ratings agency dropped the debt as much as nine notches, from the highest A-plus rating on the senior-lien bonds to BB-minus for all the debt. It is keeping the bonds on ‘developing watch’ because of the uncertainty of a restructuring.

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