Far West

WASHINGTON - Municipal market participants on Monday were relieved that Congress was moving toward approving a bipartisan agreement to raise the $14.3 trillion debt limit and avoid a default on federal debt, but were taking a wait-and-see approach on how the plan might ultimately affect the tax-exempt bond market.

WASHINGTON - At a meeting in Colorado Springs last week, the Municipal Securities Rulemaking Board voted to file with the Securities and Exchange Commission four final rules governing conduct by municipal advisers.

CHICAGO - Fitch Ratings Friday downgraded a swath of tobacco bonds - stripping some of their investment-grade ratings - as part of its annual sector review amid continued consumption declines by smokers and a dispute between the tobacco companies and states that is diminishing annual payments.

WASHINGTON - The Internal Revenue Service has initiated very few audits of Build America Bonds based on issuers' responses to the compliance check questionnaires sent to them last year, a Treasury Department inspector general said in a report released Monday.

WASHINGTON - Triple-A rated municipal issuers responded swiftly and strongly to being placed on watch for a possible downgrade, saying a federal debt default would not hinder their ability to pay bondholders.

DALLAS - With its first credit rating in hand, the Navajo Nation is preparing to finance a $200 million wind farm in a venture with Edison Mission Energy of Southern California.

BIRMINGHAM, Ala. - The Securities and Exchange Commission will issue a wide-ranging staff report about the municipal securities market, including recommendations for legislative change, commissioner Elisse Walter said Friday.

WASHINGTON - Sen. Ron Wyden has introduced a bill to create tax-credit bonds for transportation projects, hoping the program will navigate the political and economic realities that have challenged previous attempts at federal financing tools for state and local governments.

SAN FRANCISCO - California school district bonds are back in the spotlight after an audit found poor oversight of school construction bond money awarded by the state.

Oregon Treasurer Ted Wheeler said a credit default by the federal government would hurt state bonds.