9 American cities going broke
9 American cities going broke
http://msnbcmedia.msn.com/j/MSNBC/Co...otoblog600.jpg
Detroit, with $2.4 billion debt, has the lowest credit rating of any big U.S. city.
By Charles Stockdale, 24/7 Wall Street
Of the 7,800 bonds in the U.S. secured by state or local governments, only 25 are currently speculative-grade, or junk-bonds, rated by Moody’s Ba1 or lower. Only municipalities received such low ratings, and the reasons vary. Moody’s report, “A Look at Speculative-Grade Local Governments in the Wake of the Recession,â€
