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How Detroit and its top downtown employer shed their 'junk' ratings in 2024

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          🞛 This publication is a summary or evaluation of another publication 🞛 This publication contains editorial commentary or bias from the source
For the city of Detroit and its top downtown employer, the answer is not anymore. That's because 2024 was the year that both Detroit and Dan Gilbert's Rocket Mortgage stopped being "junk" in the eyes of Wall Street rating agencies.
The article from MSN Money discusses how Detroit and its largest downtown employer, Quicken Loans (now known as Rocket Mortgage), have both managed to shed their "junk" credit ratings in 2024. Detroit, which had been under financial distress for years, saw its credit rating upgraded to investment grade by major credit agencies like Moody's, S&P, and Fitch, reflecting significant improvements in its financial management and economic recovery. This upgrade was attributed to the city's efforts in reducing debt, increasing revenue, and implementing better financial oversight. Similarly, Rocket Mortgage, headquartered in Detroit, also saw its credit rating improve due to robust financial performance, strategic business decisions, and a recovery in the housing market. These upgrades signify a broader economic turnaround for Detroit, highlighting the city's resilience and the positive impact of its major employers on its financial health.

Read the Full MSN Article at:
[ https://www.msn.com/en-us/money/other/how-detroit-and-its-top-downtown-employer-shed-their-junk-ratings-in-2024/ar-AA1wqRUX ]