Detroit bankruptcy

Wednesday marks the 10-year anniversary of Detroit's exit from bankruptcy. Its Chapter 9 declaration in 2013 was the largest municipal bankruptcy in the U.S.

S&P's upgrade to BBB from BB-plus follows a March upgrade from Moody's Ratings, bringing the city to investment grade a decade after its historic bankruptcy.

The city cites stronger tax collections, continued economic growth and stability, and revenue sharing increases provided in the state budget.

The Police and Fire Retirement System lacks authority to shift to a 20-year amortization of unfunded legacy liabilities from the 30-year term laid out in the city's bankruptcy exit plan, according to a judge's ruling that eases one fiscal pressure point for the city.

Mayor Mike Duggan proposed a budget that includes the resumption of general fund pension contributions, meeting a timetable set in the city's bankruptcy exit.

Detroit says it can't afford to shave 10 years off the amortization schedule of its public safety pension obligations.

Detroit still may ask the federal bankruptcy court to intervene in a pension fund matter that could add to the city's financial stress.

Moody's rewarded Detroit's strides in keeping its books balanced and building reserves with an upgrade that leaves it two notches below investment grade.

The city says it can't afford a pension fund change that forces it to pay down unfunded liabilities more quickly; it may also lobby state lawmakers.

Income taxes — despite losses due to remote work — and internet gambling revenue are on the rise, giving the Motor City's general fund a boost.