New York Thruway P3 project dinged over construction delays

Two years into a public-private partnership to rebuild and take over the New York State Thruway Authority's service areas, the project is 225 days behind schedule , a delay that has led to a technical default and prompted Fitch Ratings to revise its outlook to negative from stable. AECOM Tishman, the design-build contractor who is responsible for the delays and on the hook for the default, has opened 12 of the 27 service areas that are part of the $450 million project. The contractor, which blames the delay on factors like COVID-19, supply chain and workforce problems and soil contamination, has filed so-called supervening event claims with the Thruway authority hoping for relief.

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The City Colleges of Chicago is planning to issue $201 million in unlimited tax GO refunding bonds next year, bolstered by one rating upgrade and another new positive rating outlook.

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A trio of Chapter 11 bankruptcies filed by Southwest nonprofit entities this year in the wake of bond impairments are closer to wrapping up their cases in federal court with the help of asset sales or debt restructuring.?

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Minneapolis received a bump from Moody's Investors Service, which revised its outlook on the city to positive from stable and affirmed its Aa1 issuer and general obligation unlimited tax bond ratings. The action affects about $875 million of GO debt.

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The Municipal Securities Rulemaking Board has issued a request for information asking how its rules and market regulation generally affects small firms operating in the muni market.

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Municipals were little changed Monday, while U.S. Treasuries were weaker and equities ended down. November was a "positive month" for munis, said Jason Wong, vice president of municipals at AmeriVet Securities.

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