Fitch Withdraws Detroit, MI's Ratings

NEW YORK--()--Fitch Ratings has withdrawn the 'D' ratings on the below listed obligations of Detroit, Michigan. The ratings are withdrawn due to bankruptcy of the rated entity and default of the rated issues. Fitch will continue to monitor the city's Chapter 9 proceedings and provide market commentary as appropriate.

--Approximately $1.5 billion pension obligation certificates of participation (COPs) series 2005-A, 2006-A, and 2006-B issued through the Detroit Retirement Systems Funding Trust, Michigan;

--Approximately $411 million unlimited tax general obligation (ULTGO) bonds;

--Approximately $202.8 million limited tax general obligation (LTGO) bonds.

Additional information is available at 'www.fitchratings.com'.

In addition to the sources of information identified in Fitch's Tax-Supported Rating Criteria, this action was additionally informed by information from Creditscope, University Financial Associates, S&P/Case-Shiller Home Price Index, IHS Global Insight, and National Association of Realtors.

Applicable Criteria and Related Research:

--'Tax-Supported Rating Criteria' (Aug. 14, 2012);

--'U.S. Local Government Tax-Supported Rating Criteria' (Aug. 14, 2012);.

--'Default: Common Factors That Led to Bondholder Losses in Harrisburg, Stockton and Detroit' May 5, 2014;

--'Rating to Bondholder Security After Detroit' April 30, 2014;

--'Large Cities, Great Recession (How Have The 30 Largest Fitch-Rated Cities Fared During and After the Recession?)' April 30, 2014;

--'Detroit Plan Shows ULT Pledge Has Adequate Protection' April 10, 2014;

--'Detroit Plan of Adjustment Does Not Impair DDA Bondholders' March 2, 2014;

--'Detroit Plan of Adjustment Hostile to Bondholders' Feb. 24, 2014;

--'Michigan Governor's Detroit Proposal Troubling for Bondholders' Jan. 27, 2014;

--'Fitch on Detroit' Sept. 18, 2013.

Applicable Criteria and Related Research:

Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686015

U.S. Local Government Tax-Supported Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685314

Default: Common Factors That Led to Bondholder Losses in Harrisburg, Stockton and Detroit

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=747277

Rating to Bondholder Security After Detroit

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=747280

Large Cities, Great Recession (How Have The 30 Largest Fitch-Rated Cities Fared During and After the Recession?)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=747275

Fitch on Detroit

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=716291

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=834867

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contacts

Fitch Ratings
Primary Analyst
Arlene Bohner
Senior Director
+1 212-908-0554
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Amy Laskey
Managing Director
+1 212-908-0568
or
Committee Chairperson
Jessalynn Moro
Managing Director
+1 212-908-0608
or
Media Relations, New York
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com

Sharing

Contacts

Fitch Ratings
Primary Analyst
Arlene Bohner
Senior Director
+1 212-908-0554
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Secondary Analyst
Amy Laskey
Managing Director
+1 212-908-0568
or
Committee Chairperson
Jessalynn Moro
Managing Director
+1 212-908-0608
or
Media Relations, New York
Elizabeth Fogerty, +1 212-908-0526
elizabeth.fogerty@fitchratings.com