底特律6月14日宣布终债务违约 将只偿还10%债务 标普惠誉下调评级

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http://www.guancha.cn/america/2013_06_16_151647.shtml
2013-06-16 23:29:32

据美联社报道,有“美国汽车城”之称的底特律濒临破产,今年3月进入财务紧急状态后,6月14日宣布终债务违约,声称不会偿还一笔于14日到期3400万美元债务,将省下的钱为居民提供服务。底特律还要求债权人接受低于一成还款,以避免城底特律全盘破产。为筹钱还债,底特律拟售博物馆珍品,但遭州政府驳回。

评级机构标准普尔和惠誉国际周五也分别发表声明,对在早些时候宣布暂时停止偿还市政债务的底特律市的债务评级做出了下调。而标准普尔在周三刚刚调降过底特律市的信用评级。声明称,考虑到可能的破产法第九章市政破产保护,底特律市一般偿债义务和养老保险基金债务的CC评级将维持负面的展望。

底特律紧急财务经理凯文·奥尔(Kevyn Orr)14日公布了一份债务重组计划,宣布暂停该市无担保债务的偿还付款,包括应该在14日到期的3400万美元的付款。底特律不会偿还该笔3400万美元债务,以保留现金维持向70万居民提供警务、消防等基本政府运作。此举令底特律正式债务违约,这是美国继1978年克里夫兰之后,人口最多的违约城市。奥尔同时宣布,可见将来不会偿还最少20亿美元的无抵押债务。

底特律欠债高达185亿美元,当中115亿美元属无抵押债务,包括退休员工医保,属“最高危”类别。奥尔形容,底特律现处“无力偿债”(insolvent)状态,在未来30天会与债权人会面,要求债权人接受低于一成还款,即债务需要缩水超过九成。若债权人拒承担损失,底特律在未来数月将被迫向法院申请破产,将是美国历来人口最多的破产城市。奥尔估计,底特律有五成机会宣告破产。

为筹钱还债,底特律计划出售多项资产,包括停车位,以及向州政府出租公园,以节省每年600万美元支出。早前有报道指出,市政府希望出售底特律艺术博物馆及底特律美术馆珍品筹钱,但密歇根州检察总长发表声明,指底特律美术馆馆藏是由慈善信託持有,不可出售还债。

评级机构标普在周三已把底特律债务评级下降至CCC-,属即将违约级别。周五又进一步下调至CC,同时具有负面的展望评价。标准普尔在周五的声明中指出,考虑到该市的未偿还养老保险基金债务将会违约,将底特律市信用评级从之前的CCC-调降至CC。标普表示,“不管实际会在什么时间,当标普给出CC的评价时,通常意味着我们认为债务违约已经是确定会发生的事情。”

另一家评级机构惠誉国际也在周五发表声明,将4.11亿美元底特律市受限税务担保一般偿付义务债券的评级从CC调降至C;将2.028亿美元无限制税务担保一般偿付义务债券的评级从CCC调降至C;同时将15亿美元养老保险债务债券的评级从CC调降至C。惠誉国际指出,评级的调降是为了反映底特律市将不会继续偿付其养老保险债务的决定。

国际评级机构、外媒热炒中国地方债

国际评级机构、投机资本正在爆炒中国地方债危机。6月10日,中国审计署公布了地方政府债务的审计结果。审计署此次审计了36个地方政府本级债务,其中16个地区债务率超过100%,突显部分地区地方政府债务过高的隐忧,以及一些地方政府盲目举债的情况。这是审计署上次公布2010年底地方政府债情况后,首次详细披露2011年以来债务的增长变化情况。

截至2012年底,抽查的36个地方政府本级政府性债务余额超过3.85万亿元人民币,较2010年底的3.4万亿增长12.94%近13%。依同样的增长率推算,截至2012年底,全部地方债余额将达12.08万亿元。

路透引述专家的说法,认为该增幅低于上述地区两年来的经济增幅,预示中国整体地方债务风险可控,但不排除部分地区可能会爆发债务风险。而加快建立政府会计改革以及建立政府性债务确立标准则是当务之急。

国际评级机构惠誉和穆迪此前相继警示中国地方债务风险,4月9日,惠誉重申中国偿还长期外币债务的评级为“A+”,但将中国偿还长期本币债务的评级从“AA-”降至“A+”,评级前景为稳定。穆迪亦在4月16日确认对中国政府债券的评级为Aa3,同时将评级展望从正面调整为稳定。

路透社认为,庞大的地方债一直被视为中国经济增长的高风险点,这次公布的抽查结果,虽未能完全拨开整体地方债情况的迷雾,但总算是用数据揭示出部分真相,同时亦传递出官方对相关风险的警示。
 
Emergency manager: Detroit won't pay $2.5B it owes
http://bigstory.ap.org/article/emergency-manager-detroit-wont-pay-25b-it-owes
By COREY WILLIAMS — Jun. 14 6:09 PM EDT

ROMULUS, Mich. (AP) — A team led by a state-appointed emergency manager said Friday that Detroit is defaulting on about $2.5 billion in unsecured debt and is asking creditors to take about 10 cents on the dollar of what the city owes them.

Kevyn Orr spent two hours with about 180 bond insurers, pension trustees, union representatives and other creditors in a move to avoid what bankruptcy experts have said would be the largest municipal bankruptcy in U.S. history.

Underfunded pension claims likely would get less than the 10 cents on the dollar.

An assessment of the plan's progress will come in the next 30 days or so.

Orr also announced that Detroit stopped paying on its unsecured debt Friday to "conserve cash" for police, fire and other services in the city of 700,000 people. The debt not being paid includes $39 million owed to a certificate of participation.

"We will not pay that today," Orr told reporters after the meeting with creditors at a hotel at Detroit Metropolitan Airport in Romulus.

More than 42 percent of Detroit's 2013 revenues went to required bond, pension, health care and other payments. If the city continues operating the way it had before Orr arrived, those costs would take up nearly 65 percent of city spending by 2017, Orr's team said.

The team also said the proposal presented Friday is the one shot to permanently fix fiscal problems that have made the city insolvent.
O
rr said everyone involved needs to come to grips with Detroit's dire financial situation that has been worsened by years of procrastination and denial. He said his team is prepared for potential lawsuits from creditors not pleased with the arrangements under the plan.

"If people are sincere and look at this data, you would think a rational person will step back and say, 'This is not normal ... but what choice do we have?'" Orr said.

James McTevia, president of the Detroit-area turnaround firm McTevia and Associates, said once Orr had creditors' attention Friday, he "drew a line in the sand and said everything behind here is frozen."

"And going forward he is positioning the city of Detroit in a place where it can pay for goods and services without going into debt," McTevia said.

Detroit's fiscal nightmare didn't occur overnight. It's been decades in the making as city leaders took out bonds at high interest rates to pay bills Detroit's general fund couldn't cover.

"The average Detroiter has to understand this is a culmination of years and years of kicking the can down the road," Orr said. "We can't borrow any more money. We started borrowing from our own pension funds."

The city's budget deficit could top $380 million by July 1. Orr believes Detroit's long-term debt is more than $17 billion.

The Washington-based bankruptcy attorney hired by Michigan in March reiterated that the chances of bankruptcy are 50-50 for Detroit, the largest U.S. city placed under state oversight.

Orr is nearly three months into the 18-month job. With little time remaining on his contract, there is no time to lose. The plan creditors received in the closed-door meeting may be the only one they get.

"There may be some room for negotiations, but not a lot," Orr told reporters. "They need to have some time to digest what they have."

Swallowing the proposal will be tough, especially for current and retired city workers whose health care and other benefits, as well as pensions, would be cut back.

"The firefighters are going to do what we can to keep the city stable now," Detroit Fire Fighters Association President Dan McNamara told reporters after Friday's meeting with Orr.

McNamara said creditors were told by Orr that "we're in a death spiral."

The city will not be able to back up some promises related to pension and post-employment health care and benefits. Orr is proposing a $27 million to $40 million health care replacement program that will partially rely on the federal Affordable Health Care Act, health exchanges and Medicare.

He also said $1.25 billion will be set aside from concession savings over 10 years for public safety, lighting and eliminating neighborhood blight. Improving the quality of life in the city will help attract more residents and businesses, which Orr's team says would bring more tax revenue and increase the potential for creditors to recover more of what they are owed.

Creditors were told about plans to possibly change management of Detroit's revenue-generating Water and Sewerage Department. A separate, freestanding authority would control the department, with some annual payments coming to Detroit and the city maintaining ownership of the system.

On Friday, Moody's Investors Service downgraded a number of Detroit bonds, including its general obligation unlimited bonds. As a result, all Detroit bonds are now below investment grade.

Hetty Chang, a vice president with Moody's, said "the emergency manager's proposal to creditors indicates further debt restructuring."

"We also believe the city's risk of bankruptcy has increased over the last six months," she said in a statement.
 
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