Moody's cuts Detroit sewage debt to A2, A3

Moody's Investors Service said it downgraded the rating to A2 from A1 on the City of Detroit's $1.5 billion of outstanding rated sewage disposal revenue debt secured by a senior-lien pledge of net revenues of the sewage disposal system.

Moody's also said it downgraded the rating to A3 from A2 on the city's $1.1 billion of outstanding rated sewage disposal revenue debt secured by a second-lien pledge of net revenues of the sewage disposal system.

The ratings were also placed on watch for further downgrade.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.