Tonya Chin

A recent report projecting a surplus in the Pell Program is a credit positive for colleges and universities, according to Moody's Investors Service.

Moody's Investors Service said the recent ruling in favor of Assured Guaranty Municipal Corp. against Flagstar Bancorp Inc. is a credit positive for financial guarantors.

The municipal bond insurance industry continued its decline last year amidst low interest rates, a sluggish economic recovery, and a shrinking target market.

Build America Mutual Assurance Company wrapped its first California deal on Wednesday. BAM insured $12 million of general obligation bonds for the Washington Unified School District in Fresno, California.

The total amount of upgrades from Standard & Poor's continued to outpace the amount of downgrades during the fourth quarter of 2012, making the year a mostly positive one for rating changes.

Late Tuesday night, Judge Rakoff of the Southern District Court of New York ruled in favor of Assured Guaranty in its lawsuit brought against Flagstar Inc. for breaching its representations and warranties contract relating to over $900 million of residential mortgage-backed securities.

After recently expanding its municipal sales and trading groups, FTN Financial is continuing its municipal expansion with the addition of a public finance department.

Fitch Ratings assigned more downgrades than upgrades during the fourth quarter of 2012, continuing the trend for the 16th consecutive quarter.

The two-notch downgrade of Assured Guaranty Municipal Corp. by Moody's Investors Service has had little impact in the municipal market so far, according to the insurer and various market participants.

Memphis-based Duncan-Williams has announced the opening of a new office in Columbus, Ohio. Former State Treasurer Kevin Boyce and Christy McMurry will head the office.

Build America Mutual Assurance Company announced Wednesday night that it has been licensed to operate in the state of California.

The outlook for the water and sewer sector is mostly stable for this year, although utilities will face rate and drought pressures, said Standard & Poor's.

Amalgamated Bank is providing a second round of financing to Scranton, Pa., so that the city can pay its employees and other obligations. The bank won't say what it's charging the city.

Based largely on the effects of continued low gas prices, credit quality for public utilities will remain solid and ratings stable this year, according to Standard & Poor's.

Ballard Spahr LLP is expanding its public finance practice with the addition of Anastasia Khokryakova in Denver.

Build America Mutual Assurance Company has become an associate member of the Securities Industry and Financial Markets Association.

After downgrading Assured Guaranty, Moody's Investors Service has taken action on the short-term and long-term ratings of 78 variable rate demand bonds.

JPMorgan's new callable commercial product is gaining momentum in the municipal market, receiving high demand from investors and catching on with others in the industry.

As a result of its downgrade of Assured Guaranty, Moody's Investors Service has downgraded 225 structured finance ratings on bond issues that have been guaranteed by the bond insurer.

McKenna, Long & Aldridge LLP has added Richard Sigal, previously a partner a Hawkins Delafield & Wood LLP, to its growing public finance practice.