Standard & Poor's Ratings Services on Friday gave a thumbs up on Michigan's takeover of Detroit's finances, revising the city's credit rating outlook to stable from negative and saying the appointment of an emergency manager was a positive step.
"The appointment of an EM (emergency manager) allows the city to move forward in a more efficient manner, continuing to make the types of adjustments necessary to regain structural balance," S&P credit analyst Jane Hudson Ridley said in a statement.
Michigan officials on Thursday tapped Kevyn Orr, a bankruptcy attorney at law firm Jones Day, to run the state's biggest city, which has been plagued by budget deficits, a high debt load and an outdated government structure.
Source: Reuters. Read full article. (link)