Northeast

Moody’s Investors Service sent Newark, N.J.'s general obligation unlimited bond rating to Baa3 in a two-notch downgrade that also moved the city’s limited-tax GO bonds to speculative grade.

Connecticut Treasurer Denise Nappier announced a $145 million state-focused investment program designed to generate returns for public pension plans.

New York City will end the fiscal year with a surplus of just over $3 billion, the Independent Budget Office said, nearly matching Mayor Bill de Blasio’s projections.

A proposed three-year $221 million rate hike by the Long Island Power Authority and PSEG Long Island should be slashed by two-thirds, according to the New York Department of Public Service.

New Jersey's Municipal Qualified Bond Act is helping distressed Atlantic City, N.J. access the bond markets this month with deals that highlight the role state credit enhancement programs can play.

The Dormitory Authority of the State of New York has approved more than $3.22 billion in new financing for educational and healthcare institutions.

Pennsylvania Gov. Tom Wolf has named state Auditor General Eugene DePasquale to head a task force on municipal pensions.

An overhaul of the private activity bond allocation process would benefit New York City's 10-year affordable housing initiative, a policy analyst said.

The Internal Revenue Service has closed audits with no changes to $1.38 billion of Build America Bonds issued by the New Jersey Turnpike Authority in 2009 and bonds from a $26.56 million mortgage revenue and refunding issue sold by Lakeland, Fla. in 2008.

Against a backdrop of urgency and uncertainty, transportation advocates are offering alternative revenue streams for New York's MTA.