Thread: 9 American cities going broke

9 American cities going broke


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€

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