Pennsylvania

While current and former SEC officials say the agency could only do so much in its securities fraud case against Harrisburg, Pa., that didn't set well with critics.

The SEC's fraudulent-disclosure charge against Harrisburg, Pa., has larger implications for secondary market disclosures, legal experts assert.

Pennsylvania lawmakers introduced bills they say would enhance state oversight of municipal financing deals and prevent another Harrisburg-type fiasco.

Ohio Auditor David Yost warned local governments to tread carefully when talking about their financial conditions, calling this week's SEC charges against Harrisburg, Pa. a "watershed moment" for local politicians.

The SEC's fraud accusations against Harrisburg, Pa., could be a deterrent, some market observers say, even if the city appeared to suffer little from the action.

Critics say the Securities and Exchange Commission should dig well beyond its cease-and-desist order in its Harrisburg, Pa., securities fraud case.

The Securities and Exchange Commission announced Monday it has charged the City of Harrisburg, Pa., with securities fraud for making misleading public statements when its financial condition was deteriorating.

Highmark Inc., which closed on a $604 million deal to take over teetering West Penn Allegheny Health System, is now under rating agency glare.

Allentown, Pa.'s 50-year, $220 million water and sewer lease deal with Lehigh Valley Authority to plug a pension gap is a credit positive, said Moody's.

Six months after announcing a proposed merger, Trinity Health and Catholic Health East said Thursday they've closed the deal, which will create the second-largest health care provider in the country.

Moody's Investors Service upgraded the bond rating of West Penn Allegheny Health System to Caa2 from Ca after Highmark closed on its $604 million takeover.

Highmark wasted no time taking over West Penn Allegheny Health System after regulators approved a $604 million deal that ended 18 months of turmoil and offered bondholders 87.5 cents on the dollar.

Fittingly, given dire warnings about unfunded pension liability, Allentown, Pa.'s City Council voted at the midnight hour for a $220 million water-and-sewer lease.

A recently completed comprehensive reassessment of real estate is good news for the Philadelphia's debt ratios, according to the city's treasurer.

Philadelphia plans to sell $1.05 billion of bonds in the next nine months, city treasurer Nancy Winkler said.

The Allentown, Pa., City Council late Thursday night approved a $220 million water-and-sewer lease deal with the Lehigh County Authority, with proceeds to erase unfunded pension liability.

Philadelphia has hired JPMorgan and Loop Capital Markets to sell its gas utility, in a deal the city expects to fetch more than $1.3 billion.

The Lehigh County Authority said it would finance $220 million for the Allentown, Pa., water-and-sewer concession through low interest, 30-year bonds.

The Pennsylvania State System of Higher Education's board of governors approved up to $32 million in fixed-rate bonding for four capital projects.

Mayor Ed Pawlowski told the Allentown, Pa., City Council that without a $220 million lease of its water and sewer system, "we'll be just another Pennsylvania city making ugly headlines."