S&P Lowers Detroit to BBB-Plus

March 2005
Bond Buyer;3/24/2005, Vol. 351 Issue 32097, p1
Trade Publication
The article reports that Detroit's budget struggles finally took their toll on the city's credit in March 2005, when Standard & Poor Corp.'s knocked the city's rating out of the A category. Analysts said the city has relied to heavily on one-time revenue solutions to offset declining revenues and those moves have failed to improve the fiscal situation in the short-term. As Detroit struggles to implement necessary changes to improve operations and financial management, however, ongoing battles with the City Council, particularly in an election year, have made the task all the more difficult.


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