CHICAGO -- Standard & Poor's Corp. late last week placed nearly $92 million of tax increment finance district debt in Michigan on CreditWatch with negative implications due to the state's repeal of school operating property taxes.

The action affects $85.8 million of TIF bonds issued in 1989 by the Detroit Downtown Development Authority and $6 million of 1992 TIF revenue bonds issued by the Lapeer Tax Increment Financing Authority.

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