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Detroit bonds downgraded by Fitch Ratings

Detroit Emergency Manager Kevyn Orr waits to address the media during a news conference about filing bankruptcy for the city of Detroit in D
Detroit Emergency Manager Kevyn Orr waits to address the media during a news conference about filing bankruptcy for the city of Detroit in D

DETROIT (WKZO) -- Fitch Ratings has downgraded over 600-million-dollars in Detroit bonds after the city said it will not make scheduled interest payments.  The New York-based agency lowered its rating of the bonds from "C" to "D" Monday.

Bill Nowling, a spokesman for Detroit Emergency Manager Kevyn Orr says the money that had been intended for the payments is being used to pay for essential services in the city.  Detroit offered two-billion dollars in exchange for over eleven-billion dollars in obligations including unsecured bonds after filing for bankruptcy in July.

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