Munis

Moody's announced Friday evening it was downgrading the US to Aa1 from Aaa, reinforcing Wall Street's growing worries over the nation's fiscal outlook as Capitol Hill debates even more unfunded tax cuts.

A rise in U.S. Treasury yields from very low levels in 2020, has resulted in diminished debt affordability, with interest payments-to-revenue hitting about 30% by 2035.

Rubin, who oversaw a shift to budget surpluses as Treasury chief under Democrat Bill Clinton in the 1990s after serving as co-chairman of Goldman Sachs Group Inc., said that while some federal spending can be cut, "as a practical matter" there's insufficient scope for that to rein in deficits.

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