S&P cuts Detroit pension debt rating to D on default

Standard & Poor's Ratings Services on Tuesday lowered the rating on Detroit's pension obligation certificates of participation to D from CC in the wake of the city's decision to stop payments on the debt.

"The downgrade reflects non-payment of debt service on the scheduled principal and interest payment date of June 15," S&P credit analyst Jane Hudson Ridley said in a statement.

Detroit's emergency manager announced on Friday that the cash-strapped city would cease payments on its unsecured debt, starting with the COPs payment of about $39.7 million.

Both Moody's Investors Service and Fitch Ratings on Monday dropped their ratings on about $1.5 billion of COPs to levels signifying default.

Source: http://economictimes.indiatimes.com/news/international-business/sp-cuts-detroit-pension-debt-rating-to-d-on-default/articleshow/20656155.cms

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