Markets

Moody's Investors Service has downgraded Eastern Maine Healthcare Systems' bond credit rating to a level that could limit the organization's ability to obtain credit in the future.

Top shelf municipal bonds were weaker at mid-session,, according to traders, who were making preparations to tackle next week's calendar. Ipreo estimates next week's volume at $6.01 billion, consisting of $4.94 billion of negotiated deals and $1.08 billion of competitive sales.

The sale of $1.1 billion of unrated bonds for New Jersey's American Dream comes amid uncertainty about the future of indoor shopping malls.

The value of wholesale inventories fell 0.5% in April, a -0.2% adjustment from the 0.3% decrease estimated in the advance estimate, while wholesale sales were -0.4%, data released Friday by the U.S. Commerce Department showed.

Municipal bond traders are taking a breather on Friday after a heavy slate of new issues priced this week. Traders will be eyeing market volatility which saw yields see-sawing back and forth.

The Maine Senate voted 26-9 Wednesday to override a Gov. Paul LePage veto of a bill that would force him to issue $15 million in voter-approved bonds earmarked to build affordable housing for senior citizens.

Construction of Honolulu's beleaguered rail project likely will proceed past January, now that it's squeaked out a sixth, pivotal City Council vote required to float bonds and help keep the work on track.

Transportation bonds that were at the center of a dispute between State Treasurer Terry Hayes and Gov. Paul LePage are ready to sell, resolving a conflict that threatened to hold up millions in funding for construction projects around the state.

In the week ended June 8, the weekly average yield to maturity of the Bond Buyer Municipal Bond Index fell four basis points to 4.03% from 4.07% the previous week. The BB40 Index is based on the price of 40 long-term bonds.

Dallas and Houston are on the right path to fixing their troubled pensions, according to Moody's.