February 27, 2014 / 4:12 PM / 4 years ago

S&P retains 'D' rating on Detroit's general obligation debt

Feb 27 (Reuters) - Standard & Poor’s said Detroit’s blueprint to emerge from bankruptcy, announced last week, would have no impact on the ‘D’ rating assigned to the city’s general obligation debt.

“We consider the release of the plan as a step in the city’s bankruptcy process, and although it is an important point on Detroit’s Chapter 9 journey, it is not a seminal event from a credit perspective,” S&P credit analyst Jane Hudson Ridley said in a statement on Thursday.

Detroit, which has a debt of $18 billion, filed for the largest municipal bankruptcy in U.S. history on July 18. S&P issued the ‘D’ rating after the city defaulted on its commitments.

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