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NEW YORK, April 14 (Reuters) - The municipal bankruptcies in Detroit and Stockton, California, may foretell more widespread problems in the United States than is implied by current bond ratings, a top Federal Reserve official said on Monday.
"While these particular bankruptcy filings have captured a considerable amount of attention, and rightly so, they may foreshadow more widespread problems than what might be implied by current bond ratings," New York Fed President William Dudley said at a workshop on Chapter 9 bankruptcies.
"We need to focus our attention today on addressing the underlying issues before any problems grow to the point where bankruptcy becomes the only viable option," he added, according to a text of his speech.
Reporting by Jonathan Spicer; Editing by Chizu Nomiyama