Cut

Fitch warns it may cut Detroit's credit ratings

Reuters News
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Posted: Dec 13, 2011 5:13 PM
Fitch warns it may cut Detroit's credit ratings

CHICAGO (Reuters) - Fitch Ratings warned on Tuesday it may drop Detroit's credit ratings further into the junk territory as the state of Michigan reviews the city's troubled finances.

The rating agency said it placed Detroit's BB-minus unlimited tax general obligation rating affecting $553 million of debt, B-plus limited tax GO rating affecting $486 million of debt and the BB-minus rating on $1.5 billion of pension obligation debt on a watch list for a possible downgrade.

(Reporting by Karen Pierog; Editing by Padraic Cassidy)