Junk bonds

Moody's says that the pension system will likely run out of money in fiscal year 2024.

S&P raised CPS' junk rating by one notch, saying federal funds will boost an "already positive financial trajectory."

The authority's board will be replacing two leaders.

The Senate will have a special session on the deal, which does not include a previously mandated interest rate cap, on Tuesday, Dec. 8.

A Senate imposed 3.75% interest rate cap was a major obstacle to completing the deal.

A group of pensioners is trying to stop the bond sale.

The transaction would affect about 54% of the government's outstanding bond debt.

The governor wants to refinance all of the territory's $1.1 billion matching fund bonds by the end of September.

The authority may fail to pay $49 million of BANs, observers say.

Moody's says the downturn in activity will put additional pressure on the Caa3-rated issuer.