CHICAGO - Van Kampen Merritt Investment Advisory Corp. warned this week that Detroit's rating could face another downgrade, which it believes could lead to the adoption of a financial oversight authority.

Van Kampen said in its MuniWeek newsletter that "with the potential for a [Standard & Poor's Corp.) downgrade below investment grade, Detroit may be forced to adopt a financial control board much like the one for New York City to enable it to address its future. "

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