Monday, June 17, 2019

New York Mall's $300 Million Muni Bonds Cut to Junk by Moody's

NREI
Syracuse, New York’s Destiny USA, one of the largest malls in the U.S., had the ratings on about $300 million of municipal bonds cut to junk by Moody’s Investors Service, which said shrinking profits may hinder its ability to meet the terms of a real estate loan.

Moody’s cut the rating on the mall-backed debt issued by a city development agency from Baa3 to Ba2, two steps below investment grade, and assigned a negative outlook, indicating the securities may be downgraded further.. . . more

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