JOURNAL ARTICLE

Detroit Wins Investment Grade Rating a Decade After Bankruptcy.

  • Published In: Bloomberg.com, 2024. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Coleman-Lochner, Lauren 3 of 3

Abstract

Detroit has received its first investment-grade rating from Moody's Ratings, a major achievement for a city that has faced high unemployment and poverty rates. Moody's upgraded Detroit's debt two notches to Baa2, citing the city's financial resilience and solid operating performance. Detroit has made significant progress since its bankruptcy in 2013, with projects to rehabilitate housing and balanced budgets. However, challenges remain, including a declining population and dependence on the auto industry. Despite this, Moody's has a positive outlook on Detroit and there is potential for another upgrade in 2025. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2024/03, pN.PAG
  • Document Type:Article
  • Subject Area:History
  • Publication Date:2024
  • Accession Number:176215351
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