-- Once-bankrupt Detroit has won its first investment-grade rating after an upgrade by Moody’s Ratings, marking a major step for the city, which has long struggled with high unemployment and elevated poverty rates.
Earlier this month, Mayor Mike Duggan proposed a $2.8 billion budget for the next fiscal year that includes $189 million for its department of transportation and a $40 million increase in pension funding. Despite the lift, Detroit still faces plenty of challenges, including declining population, not to mention its continued strong dependence on the auto manufacturing industry, noted Moody’s. The city has about $2.8 billion in total municipal bond debt outstanding this fiscal year ending June 30, according to Moody’s.Rising said people are moving back downtown, and he pointed to projects like the construction of University of Michigan’s Center for Innovation as examples of the city’s rebound.
The only other major firm that rates the city’s debt, S&P Global Ratings, has had a BB+ rating — one step below investment grade — since April 2023.CATL in talks with Tesla, global automakers for US licensing, WSJ reports WASHINGTON -Workers at Volkswagen's Chattanooga, Tennessee, assembly plant will vote in April on whether to join the United Auto Workers union, a test of UAW President Shawn Fain's campaign to expand the union's reach to foreign-owned automakers. The April 17 to April 19 election marks the third time in 10 years that the UAW has sought to represent the Chattanooga workers. The National Labor Relations Board said on Monday the ballot count will begin at 8 p.m.
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