Detroit, Stockton bankruptcies may flag wider problems: Fed's Dudley

"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)