CHICAGO -- Expressing "guarded optimism," Standard & Poor's Corp. yesterday affirmed the BBB rating on $271 million of Detroit's outstanding general obligation debt and $24 million of building authority bonds.

However, the agency kept a negative outlook for the rating. citing the yet unknown outcome of binding arbitration between the city and its police and fire unions, and the necessity to see more of a track record of balanced operations.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.