CHICAGO — Standard & Poor's Wednesday downgraded Detroit four notches based on the likelihood that the city will adjust payments to bondholders or file for bankruptcy.

The ratings agency cut its rating to CCC-minus from B on the city's unlimited and limited tax general obligation bonds and its pension certificates.

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.