Paul Burton

Moody's Investors Service upgraded the bond rating of West Penn Allegheny Health System to Caa2 from Ca after Highmark closed on its $604 million takeover.

Highmark wasted no time taking over West Penn Allegheny Health System after regulators approved a $604 million deal that ended 18 months of turmoil and offered bondholders 87.5 cents on the dollar.

Fittingly, given dire warnings about unfunded pension liability, Allentown, Pa.'s City Council voted at the midnight hour for a $220 million water-and-sewer lease.

New York City Mayor Michael Bloomberg announced plans to transform the iconic Kingsbridge Armory in the Bronx — vacant since 1996 — into the world's largest indoor ice facility.

The Massachusetts Gaming Commission voted to open the southeastern casino region to commercial developers and left the door open to local Indians.

The Allentown, Pa., City Council late Thursday night approved a $220 million water-and-sewer lease deal with the Lehigh County Authority, with proceeds to erase unfunded pension liability.

Massachusetts has adopted more rigorous guidelines for bond refundings that state officials say will enable them to better gauge opportunities for such deals.

The Massachusetts Water Pollution Abatement Trust maintained its triple-A rating from all three major credit rating agencies in advance of its $205 million sale.

New York MTA chairman-designate Thomas Prendergast said favorable state aid might partially offset the size of a fare and toll increase in 2015.

The Lehigh County Authority said it would finance $220 million for the Allentown, Pa., water-and-sewer concession through low interest, 30-year bonds.

New York's Metropolitan Transportation Authority completed its first bond transaction entirely managed and underwritten by minority- and women-owned firms.

Variable-rate represents 8% of the total debt of New York's Metropolitan Transportation Authority and is well under its threshold, a finance official said.

Fitch Ratings downgraded New Haven's general obligation bonds to A, citing weakened financial flexibility, above average debt and high future retiree costs.

Rhode Island Superior Court signed off on a pension overhaul agreement between Providence and its police officers, firefighters and retirees that Mayor Angel Taveras said possibly saved the capital city from filing for bankruptcy.

The Pennsylvania State System of Higher Education's board of governors approved up to $32 million in fixed-rate bonding for four capital projects.

The Department of Economic and Community Development awarded $10.6 million in loans and grants to remediate nine brownfields throughout Connecticut.

Fitch Ratings downgraded the general obligation bonds of Hamden, Conn., to BBB-plus from A-minus, affecting about $78.5 million of debt.

Mayor Ed Pawlowski told the Allentown, Pa., City Council that without a $220 million lease of its water and sewer system, "we'll be just another Pennsylvania city making ugly headlines."

New York City has issued an RFP for a new health care contract, with deputy mayor Cas Holloway calling labor contracts and benefit packages pressing challenges.

Philadelphia city officials have excluded the media from their investor conference, triggering objections from news outlets including The Bond Buyer.