Bond defaults

Fairfield, Alabama, weighed down by fiscal problems long before the coronavirus hit, filed for bankruptcy saying it is insolvent.

The Westin Lombard hotel and conference center in Chicago's suburbs dipped into debt reserves to cover operations after closing in response to the pandemic.

Public finance has changed a lot since the Great Depression, so a repeat of that era’s default experience is not preordained even if this contraction matches the worst predictions.

The historic nature of how ratings for municipal issuers play out in times of severe volatility is under scrutiny from various market participants.

Technical and fundamental concerns surrounding credit and supply could present challenges for the market going forward but participants tepidly welcomed signs of stability.

The bond's Official Statement warned not to expect payments on time.

Harvey, Illinois, is trying to reach settlements on legal claims being pursued by bondholders and on overdue Chicago water payments.

Judge John Cooper told the Florida Department of Transportation to increase Garcon Point Bridge tolls after FDOT failed to follow his order to do so in December.

The Illinois attorney general's office is also believed to be looking into the foundation, which issued $170 million of tax-exempt bonds that have defaulted.

Moody's calls the missed payments an administrative default given the district's willingness and ability to pay.