Junk bonds

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.

Analysts say the development is another sign of financial stress at the beleaguered utility.

It also orders a cut to a customer charge for fuel.

A declaration would be a first step toward dealing with the insolvency of the Water and Power Authority, with $252 million of bonds outstanding.

Authority warns of rolling blackouts in 2020.

Two rating agencies affirmed Bridgeview, Illinois, at junk after the Chicago Fire agreed to pay the village to escape its stadium lease.

Junk-rated Bridgeview will receive $65.5 million to allow the Chicago Fire to escape the lease and move to a center-city venue.

The Water and Power Authority's fuel supplier is demanding $20 million by Sunday.

The triple-C rated authority is petitioning to increase its rates as a supplier threatens to cut off fuel.

The retirement system has said it may run out of money in 2020 or 2021.

The anticipated surplus for fiscal years 2019 through 2013 has dropped to $11.6 billion from $15.1 billion, leaving less money for debt service and capital spending.

The restructuring is expected to save PREPA and Puerto Rico residents about $3 billion in debt service payments over the next 10 years.

Thieves stripped copper wiring and appliances, Newton County officials said.

If the ruling holds, analysts said special revenue bonds may have to be re-evaluated based on the general credit of the issuer.