S&P cuts Detroit bond ratings on expected default

By -

Standard & Poor's Ratings Services dropped Detroit's credit ratings to CC from CCC-negative on Friday, citing the city's expected default on outstanding pension debt.

_0">

Kevyn Orr, the city's emergency manager, released a restructuring plan that calls for a halt to debt service payments on unsecured debt, starting with a $34 million payment due Friday.

"Standard & Poor's rates an issue CC when we expect default to be a virtual certainty, regardless of the time to default," the credit rating agency said in a statement.

 

S&P, which just downgraded Detroit's ratings on Wednesday, also kept a negative outlook on the CC rating for the city's general obligation and pension debt due to the potential of a Chapter 9 municipal bankruptcy filing.

Popular posts from this blog

Study Abroad USA, College of Charleston, Popular Courses, Alumni

By -
Thinking for Study Abroad USA. School of Charleston, the wonderful grounds is situated in the actual middle of a verifiable city - Charleston. Get snatched up by the wonderful and customary engineering, beautiful pathways, or look at the advanced steel and glass building which houses the School of Business. The grounds additionally gives students simple admittance to a few major tech organizations like Amazon's CreateSpace, Google, TwitPic, and so on. The school offers students nearby as well as off-grounds convenience going from completely outfitted home lobbies to memorable homes. It is prepared to offer different types of assistance and facilities like clubs, associations, sporting exercises, support administrations, etc. To put it plainly, the school grounds is rising with energy and there will never be a dull second for students at the College of Charleston. Concentrate on Abroad USA is improving and remunerating for your future. The energetic grounds likewise houses various ...
Read more

Edinburgh Napier University Admission Process

By -
International recognition and past situation records of Edinburgh Napier University has made it the dream organization for each yearning understudy. Here is all that you will require to be aware of Edinburgh Napier University, UK's application cycle and cutoff times, assuming you wish to study on here. How to Apply for Admission at Edinburgh Napier University, UK? The official website (www.napier.ac.uk) and the college's international leaflet (International aide) delineates the section necessity for students. Here are the passage prerequisites and application process for Indian students: Undergraduate Entry Students will be qualified to apply, assuming they have finished their Higher Secondary Certificate (HSC) with in general 60+% in Intermediate (10+2) (XII Standard) test. Students are expected to have accomplished 70% or above in English Language in their XII aswell as XI guidelines. Postgraduate Entry Students will be eligible to apply, if they have gained one of t...
Read more

Interest rate cap on credit union is raised

By -
Image
Credit unions will go head-to-head with payday lenders after the Government announced it would raise the cap on interest charges so that unions do not make losses on short-term loans. The Treasury yesterday confirmed it will introduce legislation that from April 2014 would raise the interest rate ceiling on credit union loans from two per cent to three per cent a month following a consultation with lenders. Three per cent a month works out at APR of 42.6 per cent. Currently, restrictions on interest rates mean that while unions can make decent returns on long-term loans, loans of a similar length to those offered by payday lenders tend to operate at a loss. Helping hand: Short-term credit union loans will be more expensive, but more sustainable for unions and still well cheaper than payday loans. Raising the interest cap on the reducing balance of loans will make short-term loans from credit unions more expensive, but at a maximum APR of around 42.6 per cent they will still be si...
Read more