City of Detroit,

The Detroit City Council agreed to put Mayor Mike Duggan's revised $250 milliot bond proposal on the November ballot after nixing his original plan last year.

Revised plan addresses concerns the council had when it rejected the initial version in November.

S&P revised its outlook on Detroit's speculative grade rating to negative from stable Thursday as COVID-19 clouds the city's fiscal prospects.

The city faces the loss of $348 million of revenue because of the economic shutdown, threatening the balanced budgets it needs to avoid state intervention.

The city is projecting a $100 million deficit in its current budget once the public health crisis caused by COVID-19 eases, Mayor Mike Duggan said.

Moody's Investors Service revised its outlook on Detroit's general obligation bonds to positive from stable and affirmed its junk Ba3 rating.

Drawing the distinction between the region and the city helps the city provide better revenue projections going forward.

CFO Dave Massaron said the city is mindful of a potential downturn as it navigates its fiscal recovery from bankruptcy.

Chicago fared poorly in a Moody's report about the nation's largest cities and Illinois continues to stand out for budget stress and pension liabilities.

Michigan lawmakers are weighing bonds as an option for regional transit in the Detroit area.