Moody's: Risks remain for future payment of Detroit water and sewage debt, despite October 1 full payment

New York, October 02, 2013 -- Moody's Investors Service says the City of Detroit acted as the rating agency expected when on October 1 it defaulted on its general obligations and continued to make full and timely payment on its Department of Water and Sewage revenue bonds. Moody's says the full payment of the water and sewage debt does not remove all risks to future full and timely repayment, but does signal that the system's debt will likely not be captured in the automatic stay that has disrupted payment to other creditors since the city filed for Chapter 9 bankruptcy protection in July.

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