Detroit Files Chapter 9 Bankruptcy As Moody’s Raises US Outlook

Zero Hedge – by Tyler Durden

Change you can believe in with Detroit filing Chapter 9. But, really, adjusted for AFS, one-time items and a stock buyback which was pending but never fully effected, it is only a Chapter 11 and thus bullish.  

Detroit Free Press        ✔ @freep

City of Detroit files for Chapter 9 bankruptcy

1:13 PM – 18 Jul 2013

Wait, wait, we know: it’s the weather’s fault. Also, soaring gas prices mean much more weather is coming.

And in an example of absolutely sublime timing, Uncle Warren’s Moody’s just hiked its oulook on the US from negative tostable. It is unclear if the opinion included the following line:“AAA+++ utopia; would gladly accept more bribes from any time”, but it contained the following piece de resistance:

• MOODY’S: U.S. Aaa SUPPORTED BY SECURE STATUS OF U.S. DOLLARS

One can’t make this shit up.

http://www.zerohedge.com/news/2013-07-18/detroit-files-chapter-9-bankruptcy