Far West

WASHINGTON - Fitch Ratings downgraded the Metropolitan Washington Airports Authority's airport revenue bonds to AA-minus from AA as it prepares to issue $192 million of refunding bonds.

WASHINGTON - Municipal market participants applauded President Obama's jobs bill proposals for increased funding for transportation and aid to state and local governments, but worried about their vagueness and whether they would actually spur job creation.

For many municipal professionals on Wall Street, the memory 10 years later of what happened on Sept. 11, 2001, is as raw as it was in the chaos following that terrible day.

Underwriters who fail to revamp due diligence and disclosure practices for bond documents in negotiated transactions are vulnerable to enforcement action based on a recent pension case New Jersey settled with the Securities and Exchange Commission, a dealer group said in guidance unveiled last week.

The U.S. Department of Transportation’s TFIA — Transportation Infrastructure Finance and Innovation Act — office is hiring a lead negotiator/financial policy advisor and a financial analyst.

WASHINGTON - The Senate Banking Committee unanimously approved two nominees to the Securities and Exchange Commission Thursday, clearing them for a confirmation vote by the full Senate.

The Senate Environment and Public Works Committee on Thursday voted unanimously to extend federal highway aid for four months to Jan. 31 at current spending levels.

WASHINGTON - State and local government groups have combined forces with dealers, bond lawyers and representatives from energy, education and other sectors to deliver a strong message to the joint congressional deficit-reduction committee: hands off our tax-exempt financing.

Responding to criticism from market participants, the Municipal Securities Rulemaking Board retooled a controversial portion of a proposed rule on broker's brokers, and floated the revised version Thursday for another round of comments.

SAN FRANCISCO - As California emerges from its debt doldrums this month with expected sales of $8 billion of short- and long-term debt, investors are eager for the fresh yield the state will add to a stagnant market.