Fitch cuts Detroit water, sewer ratings due to weak finances

April 1 Mon Apr 1, 2013 10:50am EDT

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April 1 (Reuters) - Fitch Ratings downgraded the ratings on $5.87 billion of Detroit Water and Sewerage Department revenue bonds on Monday, citing the system's weak financial results.

About $1.9 billion of senior lien water revenue bonds were cut to BBB-plus from A, $1.1 billion of second lien water revenue bonds were downgraded to BBB from A-minus, $1.9 billion of senior lien sewer revenue bonds were cut to BBB-plus from A-minus, and $974 million of second lien sewer revenue bonds were lowered to BBB from BBB-plus.

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