17.07.2014 21:19:00
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Moody's: Detroit's current plan of adjustment favors pensioners over bondholders
New York, July 17, 2014 -- Under Detroit's proposed plan of adjustment, recovery rates are likely to favor pensioners over bondholders, says Moody's Investors Service. In the report "Detroit's Proposal Favors Pensioners over Bondholders" Moody's estimates the recovery on the unfunded portion of the city's pension liabilities could reach 52%, which would likely exceed the recoveries on other unsecured claims.