Speculative grade bonds

CEO Andrew Smith says authority is taking steps toward settling its outstanding debt.

Bonds tied to Destiny USA in Syracuse were cut deeper into junk by Moody's Investors Service on doubts about its ability to extend an outstanding loan.

The private equity firms accused the bank of concealing key changes to a credit agreement, in part because it wanted to win future muni bond business from Brightline Holdings.

The governor said the budget would needlessly wipe out a rainy-day fund.

The money is to help AES-Puerto Rico continue to provide PREPA with electricity.

Government says it is unsure how it will be able to make debt and pension payments.

The electrical generator provides about 21% of the Puerto Rico Electric Power Authority's electricity and the default's impact on PREPA and PREPA's bankruptcy remain to be seen.

The Visitor Bureau says the number of tourists this fiscal year is likely to be 40% less than what had been predicted. Tourism is a large portion of Guam's economy.

The exchange-traded fund — the first ever triple tax-exempt — will consist of 80% Puerto Rico bonds with the balance being U.S. Virgin Islands and Guam bonds.

The private Medaille University is closing its doors after failing to sell itself to a nearby college. It has more than $20 million of bond debt.

The authority will borrow to pay off its debt at about 50 cents on the dollar.

A letter of credit would be used, in part, to help fund a settlement between WAPA and its fuel supplier Vitol.

Two ratings agencies expect AES Puerto Rico to default on Puerto Rico municipal conduit bonds.

At issue is the completion of a WAPA financial settlement with its fuel supplier, Vitol, to which it owes about $278 million.

Detroit's return to investment grade is within reach if it stays on track after Moody's put a positive outlook on the Ba1 rating following an upgrade from Ba2.

The authority hopes to have solar and wind provide 30% of the islands' electricity within two years.

The rating action affects $423 million in bonds and certificates of participation. The territory's issuer rating was affirmed at speculative-grade Ba1.

The bill's sponsor pointed to board members' need for expertise.

The $250 million in debt being issued for Montana Renewables is equal to nearly half the state's issuance for last year.

Governance decisions and rapidly escalating deficits contributed to Moody's decision to cut Illinois Tech's rating two notches to speculative grade.