Esoteric

The latest deal features slightly higher exposure to Florida, where Renew has not been operating as long as it has in California.

The $369.38 billion offering brings total issuance under the Long Island Power Authority's current authorization to $4.5 billion. It is funded by an additional restructuring charge levied on residential customers.

The $605.5 million transaction is notable for its exposure to turboprops, which are noisy and uncomfortable, but can be more fuel efficient on shorter flights, and to emerging markets.

Moody's notes that the practice masks the actual performance of the equipment lessor's recent securitizations; the rating agency has increased its expectation for cumulative net losses on the latest deal by 25 basis points, to 2.75%.

The allure of promised savings persuaded most Chicago City Council members.

The deal does not even merit a BBB-plus, according to Fitch, which cites insufficient credit enhancement, exposure to high-risk obligors, and the servicer's lack of experience.

At $307.5 million, the deal is more than twice the size the sponsor's initial transaction completed in February; it includes a prefunding account, which could introduce drift in the credit quality of the collateral.

The investment arm of Microsoft founder Paul Allen has also committed $100 million of funding to help CleanFund warehouse additional PACE assets that will eventually be securitized.

Fitch is comfortable that payment plans with terms of over 24 months are not being used for lower-credit obligors, as they are for some other kinds of consumer loans.

Most of the 181 jets used as collateral were acquired from GE Capital Corp. in 2015; proceeds from prepayments and liquidations can be used to acquire additional aircraft.