Munis

Moody's said higher funding costs, a potential decline in bank capital and growing risk in the commercial real-estate industry prompted many of the downgrades.

A decade after its historic bankruptcy, the Motor City is tapping the municipal bond market for $100 million. The funds will mostly go toward programs to help revive struggling neighborhoods.

Three weeks before the American Dream super-mall is due to pay debt backed by New Jersey economic development grants, the state hasn’t approved a key document needed to release the cash, raising the risk bondholders won’t get their money.

The casual-dining chain showed improved 3Q performance numbers as it adapted to COVID-19 restrictions with expanded pickup-and-delivery service options.

The ratings agency reported that the average percentage share of triple-C rated loans in CLO portfolios fell below 10% for the first time since March.

S&P stated lessors are confronted with the increasingly troubled financial health of airlines, which has led to a sharp drop in aircraft values and lease rates as well as an array of requests for deferrals or delayed payments on rental contracts.

Deals, trends and research in structured finance and asset-backed securities for the week of Aug. 28-Sept.3

The Dallas-based chain was forced to advance additional principal payments on its asset-backed notes after trailing 12-month sales fell below $1.5B.

The fitness chain weathered an initial round of COVID-19 closings in March to continue supporting investor payments on $1.8 billion of whole-biz securitization notes. But surging coronavirus spreads in its key markets could force a reversal of gym reopenings, subjecting the bonds to potential downgrades.

S&P lowered the ratings on 23 tranches of notes in the deals, affirmed eight others, and kept the other 40 notes on watch for potential downgrade. Twenty of the downgraded notes are on notice for potential future downgrades, as well.