Northeast

Creditors stand to recover 75% of Harrisburg, Pa., general obligation bonds, Moody's Investors Service reported after Pennsylvania's capital announced its pending exit from state receivership.

PNC Capital Markets LLC hired three veterans to continue the bank's efforts to integrate and expand public finance and banking.

The PFM Group announced Thursday that Jamie Doyle, David Eichenthal, Sarah Hollenbeck, and Sergio Masvidal have all been promoted to managing director.

Rules that will force municipalities to report net pension liability could spawn credit downgrades in Pennsylvania, said pension expert Richard Dreyfuss.

New York local sales tax collections were up 5.2% in 2013 compared to 2012.

MBTA Retirement Fund officials defended the secretive practices of the $1.6 billion fund, which manages the retirement accounts of Boston-area transit employees.

The New York City Department of Education failed to employ proper safeguards and controls in awarding multi-million dollar milk distribution contracts for schools, said city Comptroller Scott Stringer.

Harrisburg, Pa., will officially exit state receivership on Saturday while remaining under less intensive oversight.

New York's MTA, rejecting a plea from former chairman Richard Ravitch not to do so, approved $7 million to cover Verrazano-Narrows Bridge toll discounts.

Burlington, Vt.'s settlement with Citibank in its dispute over Burlington Telecom is a credit positive for the city, Moody's Investors Service said.