Bond defaults

Fitch Ratings received enough inquiries over S&P's action — slashing a Chicago suburb's GO rating by seven notches — that it put out a special commentary outlining differences between the two agencies' analytical approach even though Fitch does not rate the village under scrutiny.

A reserve account doesn't hold enough cover the semi-annual $8.7 million interest payment, said the bond's trustee.

Bolingbrook called the GO cut to BBB-plus from AA an attempt "to cause a de facto conversion" of a special sales tax district's debt to a general obligation.

Christian Care Centers' bankruptcy liquidation plan leaves bondholders impaired after an asset sale raised only $44.25 million.

The complex restructured its debt through bankruptcy in 2018 but COVID-19 knocked its recovery off track.

Legacy Cares, which built Bell Bank Park in Mesa, was due to make a $10.3 million interest payment Jan. 1, but only had $2.68 million in the bond fund, the trustee said.

Legacy Cares, which left construction contractors unpaid and had its bond trustee declare a default event, says a new debt sale will clear up its fiscal issues.

Balance sheet damage from labor costs, the pandemic and a cybersecurity breach triggered covenant violations for Capital Region Medical Center.

The trustee for $800 million of PILOT bonds for the New Jersey shopping complex said the mall's owners were $2.6 million short for a Dec. 1 payment.

Texas trails only Florida for first-time payment defaults on bonds issued for senior health and living facilities for seniors since 2009, according to MMA data.