Far West

Despite improving local revenue growth, severe budget challenges persist at the local level, namely the unsustainable nature of defined benefit contribution plans, a Wells Fargo Securities report said Monday.

Standard & Poor's has revised its outlook to positive from stable on St. John's Medical Center in Wyoming.

Portland, Ore. is planning to sell $215 million of revenue bonds to fund capital improvements and refund outstanding debt.

Mayor Eric Garcetti and union representatives for the Department of Water and Power reached an agreement on a new labor contract, ending months of negotiations.

The Virgin Islands Public Finance Authority will pay the Internal Revenue Service $13.6 million to settle a tax dispute over $219.49 million of bonds issued it in 2006.

With higher credit ratings and tighter spreads, California is set to sell $764 million of general obligation bonds in a competitive sale next week.

The Financial Industry Regulatory Authority announced Thursday that it has fined Morgan Stanley Smith Barney LLC and Morgan Stanley & Co. LLC $1 million and ordered the company to pay $188,000 in restitution plus interest for violations of municipal and corporate bond rules.

A review from the California State Controller's office found that Oakland, Calif. received $170 million in inappropriate transfers from the city's now dissolved redevelopment agency.

A weak financial report released by Providence Health & Services, Wash., will not affect its debt rating and outlook, said analysts at Standard & Poor's.