Texas

Bondholders are pitted against each other in the case, where it looks like the majority holders may become owners of the distressed companies.

Backers of a voter-approved public safety funding proposition that led to a negative rating outlook by Moody's said the budget fails to comply with the measure.

Central Texas Regional Mobility Authority's ratings were raised by Moody's, which, along with S&P, upgraded North East Texas Regional Mobility Authority's.

The rating agency's review was triggered by the city's move to effectively end plans for a seawater desalination project that has $235 million of bonds outstanding.

With the estimated cost rising to $1.2 billion, the city council took action to end planning for the project, sparking concerns about outstanding bonds.

Controller Chris Hollins warned the city lacks sufficient reserves to deal with weather-related disasters in the face of reduced federal financial assistance.

Aleon Metals, along with its subsidiaries, which sold more than $300 million of tax-exempt revenue bonds since 2019, filed Chapter 11 bankruptcies in August.

Legislation passed in Texas and other Southwest states this year seeks to increase or explore funding sources to finance water supply and infrastructure.

The proposed $1.3 billion arena would be financed with city revenue bonds, along with county taxes, subject to voter approval, and a team contribution.

"Annette's expertise and experience add an important new dimension to our already strong Texas K-12 public finance team," Ajay Thomas, FHN Financial's head of public finance, said.