NEW YORK--(BUSINESS WIRE)--Fitch Ratings has withdrawn the 'D' ratings on the below listed obligations of Detroit, Michigan. The ratings are withdrawn due to bankruptcy of the rated entity and default of the rated issues. Fitch will continue to monitor the city's Chapter 9 proceedings and provide market commentary as appropriate.
--Approximately $1.5 billion pension obligation certificates of participation (COPs) series 2005-A, 2006-A, and 2006-B issued through the Detroit Retirement Systems Funding Trust, Michigan;
--Approximately $411 million unlimited tax general obligation (ULTGO) bonds;
--Approximately $202.8 million limited tax general obligation (LTGO) bonds.
Additional information is available at 'www.fitchratings.com'.
In addition to the sources of information identified in Fitch's Tax-Supported Rating Criteria, this action was additionally informed by information from Creditscope, University Financial Associates, S&P/Case-Shiller Home Price Index, IHS Global Insight, and National Association of Realtors.
Applicable Criteria and Related Research:
--'Tax-Supported Rating Criteria' (Aug. 14, 2012);
--'U.S. Local Government Tax-Supported Rating Criteria' (Aug. 14, 2012);.
--'Default: Common Factors That Led to Bondholder Losses in Harrisburg, Stockton and Detroit' May 5, 2014;
--'Rating to Bondholder Security After Detroit' April 30, 2014;
--'Large Cities, Great Recession (How Have The 30 Largest Fitch-Rated Cities Fared During and After the Recession?)' April 30, 2014;
--'Detroit Plan Shows ULT Pledge Has Adequate Protection' April 10, 2014;
--'Detroit Plan of Adjustment Does Not Impair DDA Bondholders' March 2, 2014;
--'Detroit Plan of Adjustment Hostile to Bondholders' Feb. 24, 2014;
--'Michigan Governor's Detroit Proposal Troubling for Bondholders' Jan. 27, 2014;
--'Fitch on Detroit' Sept. 18, 2013.
Applicable Criteria and Related Research:
Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686015
U.S. Local Government Tax-Supported Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685314
Default: Common Factors That Led to Bondholder Losses in Harrisburg, Stockton and Detroit
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=747277
Rating to Bondholder Security After Detroit
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=747280
Large Cities, Great Recession (How Have The 30 Largest Fitch-Rated Cities Fared During and After the Recession?)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=747275
Fitch on Detroit
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=716291
Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=834867
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