Fitch says Detroit likely to miss GO bond payment due Oct. 1
Sept 18 (Reuters) - Fitch Ratings said on Wednesday it expects Detroit to miss payments due on the city's general obligation bonds on Oct. 1, an event that will prompt the credit agency to downgrade to "D" its ratings on Detroit's unlimited tax general obligation and limited tax obligation debt.
"Fitch believes GO debt will not be paid as due on Oct. 1," the Wall Street credit group said in a written statement. "If the Oct. 1st debt service payment is missed, Fitch will downgrade both the ULTGOs and LTGOs to 'D.'"
- Putin dissolves state news agency, tightens grip on Russia media
- North Korea says Kim's powerful uncle dismissed for 'criminal acts'
- Thai PM calls snap election, protesters want power now |
- Record cold, ice grip U.S.; more snow to blanket East
- Protesters fell Lenin statue, tell Ukraine's president 'you're next'