Far West

Moody's Investors Service downgraded more than $300 million in Fresno, Calif., debt to speculative grade.

Moody's Investors Service upgraded Los Angeles general obligation bonds to Aa2, while affirming ratings for general-fund supported debt that increase the variation between GOs and general-fund backed debt.

Southwest Airlines and Los Angeles International Airport will fund up to $400 million in Terminal 1 improvements if the Los Angeles City Council approves the plan.

The House voted Wednesday afternoon to suspend the federal government's borrowing authority until May 19 to avoid a potential default and debt crisis.

Moody's Investors Service placed tobacco settlement revenue bonds of issuers in 17 states and two territories under review with direction uncertain because of legal settlement announced in December. The action affects $20.5 billion of debt.

FINRA ordered fines of more than $6.1 million for municipal market rule violations in disciplinary cases reported in 2012, 6% less than the $6.6 million in fines assessed in the previous year.

Washington will competitively sell a combined $1.2 billion of general obligation bonds Wednesday into a market ready for a big deal during a down month.

The Alameda Corridor Transportation Authority on Jan. 24 plans to price a $265 million refunding that is part of a debt restructuring plan.

California's Department of Education head Tom Torlakson joined Treasurer Bill Lockyer in a fight to curb the sale of high-cost capital appreciation bonds, calling for a moratorium.

A decision by the California Department of Finance preventing the state's former redevelopment agencies from spending bond proceeds could result in problems ranging from negative arbitrage to taxability issues.