Far West

WASHINGTON — The Securities and Exchange Commission approved proposed rules Wednesday that would bolster the transparency of credit ratings and beef up oversight of rating agencies.

Uncertainty about federal highway funding is causing some states to turn from Garvee bonds to alternative financings, such as toll-backed debt and public-private partnerships, but issuers should be aware of the risks involved, Fitch Ratings warned Wednesday.

Sen. Jeff Bingaman, D-N.M., has introduced a bill that would raise the small-issuer limit for bank-qualified bonds to $30 million from $10 million — legislation that is drawing strong support from issuer and muni market groups.

WASHINGTON — Among some issuers of municipal bonds, the Securities and Exchange Commission’s Elisse Walter is known for one speech, and one speech only.

Top Republican on the Senate Finance Committee showed support for Democratic Sen. Ron Wyden’s transportation tax-credit bond proposal Tuesday, indicating for the first time that the GOP may back the taxable bonds if they don’t add to federal spending.

SAN FRANCISCO — Southern California’s San Joaquin Hills toll road has gotten a green light from bondholders to restructure $2 billion of debt that helps avoid a default.

SAN FRANCISCO — Moody’s Investors Service on Monday downgraded Hawaii to Aa2 from Aa1, affecting $5.1 billion of outstanding debt.

The Toledo-Lucas Port Authority entered into a closing agreement with the Internal Revenue Service to preserve the tax-exempt status for $3.5 million of 2005 bonds after the IRS found they were taxable.

The United States “effectively shrugs off infrastructure” amid escalating government deficits and cash-strapped taxpayers, according to an annual report released by the Urban Land Institute and Ernst & Young on Monday.

The Financial Industry Regulatory Authority has fined Kane, McKenna Capital Inc. and Wulff, Hansen & Co. a total of $27,500 for municipal transaction disclosure and trade rule violations.