Michelle Kaske

Puerto Rico will move forward with nearly 17,000 layoffs in the coming months, a key element of the commonwealth's fiscal stabilization plan that lawmakers passed in early March.

Standard & Poor’s Monday dropped MBIA Insurance Corp. to junk status, lowering the insurer’s credit rating to BB-plus from BBB. The outlook is negative.

Massachusetts voters may have the opportunity to weigh in on initiatives to eliminate tolls on two major state highway systems and reduce the state sales tax if the measures gain enough signatures to place them on the November 2010 general election ballot.

Puerto Rico’s Department of Economic Development and Commerce is seeking $70 million of federal Transportation Investment Generating Economic Recovery funds to help finance capital projects related to the Port of the America’s development in Ponce.

Massachusetts Gov. Deval Patrick last week announced the departure of Leslie Kirwan as secretary of the Executive Office of Administration and Finance. The current undersecretary, Jay Gonzalez, is set to take the post next month.

New Jersey’s Treasury Department Thursday announced its selection of 33 firms as co-managing underwriters on future general obligation or state-backed debt sold via negotiation.

NEW YORK - Massachusetts Gov. Deval Patrick Thursday announced his selection of Paul G. Kirk Jr. to serve as the state’s interim U.S. Senator, filling the Congressional seat of the late Sen. Ted Kennedy, until a special election is held in January.

New Jersey officials yesterday broke ground on a new $247 million port facility as the South Jersey Port Corp. prepares to issue $56 million of state-appropriation debt in the next few months to help finance site preparations.

As Pennsylvania anticipates a long-awaited fiscal 2010 budget to pass the legislature within two weeks, the state is moving forward with borrowing plans for the current fiscal year.

The Delaware River Port Authority last week approved the termination of a forward-starting swap with UBS Securities LLC at an estimated cost to the agency of $35 million.

The New York State Thruway Authority last week announced its selection of firms to serve as bond counsel on state-supported debt.

Unemployment in New Jersey rose 0.4% to 9.7% last month, matching the national rate.

Philadelphia Thursday received long-awaited state relief as the Pennsylvania legislature passed a bill that will balance the city’s budget and avoid drastic layoffs and service reductions.

Philadelphia is set to give pink slips to about 3,000 city employees Friday, but a bill that sits in the Pennsylvania Senate could help the city balance its fiscal 2010 budget and avert the massive layoffs and service reductions.

Puerto Rico is moving ahead with a long-time initiative to revamp 100 acres of waterfront property between historic Old San Juan and the center of the city.

A fiscal oversight board Friday granted Philadelphia additional time to receive legislative approval for initiatives that would help the city balance its fiscal 2010 budget and avoid massive layoffs and service ­reductions.

New Jersey’s Treasury Department Tuesday announced that it would again renew its pool of 13 financial advisers for an additional one-year term.

Massachusetts Gov. Deval Patrick Tuesday appointed Jeffrey Mullan as secretary and chief executive officer of the new Massachusetts Department of Transportation, which will begin overseeing most of the state’s surface transportation systems on Nov. 1.

Massachusetts Secretary of Transportation Jim Aloisi announced Friday that he will step down from his post by Nov. 1, the same time that a new bonding authority, the Massachusetts Department of Transportation, will begin overseeing most surface transportation systems throughout the state.

Reading could be placed under state oversight to help it address budget deficits and shrinking revenue if Pennsylvania officials approve the city’s request for supervision.