Northeast

Standard & Poor's changed its outlook on Connecticut GO bonds to negative as the state prepares for a $500 million sale.

Philadelphia Mayor Michael Nutter has proposed a 2016 budget proposal that aims to tackle rising pension and healthcare costs.

Pennsylvania Gov. Tom Wolf's plan to reduce pension fund costs is a credit positive for large passive asset managers, according to Moody's.

A New Jersey solar energy project that was envisioned as a national model for public-private partnerships has been clouded with legal woes, but recent settlements could bring it back into the sunlight.

A Pennsylvania law requiring better tax-collection procedures has boosted income-tax receipts for most municipalities and school districts, said Moody's.

The Connecticut Retirement Security Board picked Boston College's Center for Retirement Research and Mercer Oliver Wyman to explore a public retirement plan for private-sector employees.

Massachusetts Gov. Charlie Baker's proposed $38 billion budget projects $1.6 billion savings in Medicare expenses and establishes an MBTA weather resiliency fund.

Independent Budget Office estimates of New York City's surpluses over five years exceed those of Mayor Bill de Blasio, said director Ronnie Lowenstein.

Large financial firms can expect continued scrutiny for risk management, internal controls and governance, Federal Reserve chair Janet Yellen said in New York.

Pennsylvania Gov. Tom Wolf's proposed $30 billion budget calls for sweeping changes in state taxes and more spending on education while closing a $2.3 billion deficit.