Detroit returns to investment-grade credit rating a decade after historic bankruptcy

Detroit — The city of Detroit has received a credit rating upgrade from Moody’s Investors Services that returns the city to investment-grade status a decade after its historic bankruptcy filing.

The city received a Baa2 grading from Moody’s, a 10-grade increase from its Caa3 rating — a poor standing with very high credit risk — in June 2013.

Mayor Mike Duggan touted the ratings agency’s two-notch upgrade to investable: “It’s a rarity.”

“This isn’t a day I expected to see, but the city of Detroit has been returned to investment grade credit rating for the first time in 15 years,” Duggan said at a news conference at the Detroit Police Department Headquarters on Monday. “When the emergency manager left in 2014, there were a lot of dire predictions. They said Detroiters ‘couldn’t be trusted with self-determination’ … and what we have done since is 10 credit rating upgrades in less than a decade.”

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