Fri, Jul 19, 2013 11:05 AM EDT 0:52
Standard & Poor's Ratings Services cut its rating on Detroit's general obligation debt to 'C' from 'CC' , and gave the bankrupt Michigan city a negative outlook. Gov. Rick Snyder approved plans for the city of Detroit to file for Chapter 9 bankruptcy on , calling it the "only reasonable alternative" for the cash-strapped city to survive. It used to be the capital of the automotive world. Now Detroit is the largest city in U.S. history to file for bankruptcy protection. The decision was made by the city's emergency manager Kevyn Orr in order to prevent cuts to police, fire and other basic services.