Moody’s adjusts outlook on Detroit
DETROIT (AP) — The outlook on Detroit’s debt has been upgraded from “stable” to “positive” by Moody’s Investors Service.
The adjustment means the city’s finances are pointing in a positive direction and there is a higher chance the city will be upgraded in the next year or two, Moody’s said in a news release.
The rating and new outlook applies to $135 million of general obligation debt. Moody’s affirmed the city’s Ba3 bond rating and added that the rating remains three notches below investment grade.