Saturday, March 16, 2013

State takeover of Detroit brightens city's rating outlook-S&P


March 15 | Fri Mar 15, 2013 1:18pm EDT

(Reuters) - Standard & Poor's Ratings Services said on Friday that it revised Detroit's credit rating outlook to stable from negative in the wake of Michigan's takeover of the city through the appointment of an emergency financial manager.
"We view the appointment of an emergency manager as a positive step toward regaining structural balance and improving the city's overall financial condition," said S&P credit analyst Jane Hudson Ridley in a statement.

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