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City announces partnership with state's top universities to provide economic forecasting specific to Detroit
The Next Step: Detroit Aims to be Free of Residential Blight by 2024
Detroit GO Rating Raised to 'BB-' As Finances Stabilize; Priority-Lien Ratings Lowered To 'BB+' on Criteria Application
New York, May 22, 2018 -- Moody's Investors Service has upgraded the City of Detroit, MI's issuer rating to Ba3 from B1. Concurrently, Moody's has revised the outlook to stable from positive in light of the upgrade. This issuer rating is equivalent to the general obligation unlimited tax (GOULT) rating we would assign to GOULT debt of the issuer, but does not apply to any of the city's $1.9 billion of debt outstanding.
CHICAGO (S&P Global Ratings) April 25, 2018--S&P Global Ratings has resolved its CreditWatch on various Michigan Finance Authority revenue sharing bonds, and on one series of Authority local project bonds (issued for Dearborn Heights), by raising the ratings to 'A+' from 'A'. The outlook is positive. The bonds were all issued on behalf of one or multiple local governments (LGs).
The 'A+' ratings are based on our State Credit Enhancement (SCE) criteria, and reflect the benefit each LG receives from strong Authority (and state of Michigan) oversight as well as the strength and availability of distributable state aid (DSA), which would be diverted to the Authority if a LG cannot make its full and timely debt service payment.