Detroit's bond rating goes one more step toward the basement

Nov 29, 2012

In Moody's world, you can be triple A when you're at your best, or C when you're at your worst.

Detroit is dropping further into the Moody's bond rating basement with the recent worry over the city's financial position. The city might not be able to make a December payroll if they don't meet a state-set benchmark.

The Bloomberg Businessweek headline is "Detroit Bonds Cut Deeper Into Junk as Cash Crunch Nears":



The city's Moody's credit rating went from B3 to Caa1.