Some Detroit Public Schools debt has been downgraded again — this time, into junk territory.
The credit rating agency S&P Global lowered its rating on two sets of bonds, issued in 2011 and 2012. DPS still owes more than $200 million on them.
S&P says its concerns stems from district’s recent restructuring.
To avoid a potential bankruptcy, the state split DPS in two — with the “old co” existing only to re-pay historic debts with local tax revenues.