Northeast

The approval of a deal for the American Dream New Jersey shopping mall and entertainment complex brings the sale of roughly $740 million in high yield bonds a step closer.

Rhode Island General Treasurer Gina Raimondo came out swinging after a union-backed forensic report called on federal securities regulators to investigate her management of $7 billion in pension funds.

Standard & Poor’s on Oct. 17 raised its rating on New York City’s fiscal 2006 subseries H-1 and H-2 variable-rate demand bonds to AA/A-1 from BBB/A-2.

“A sinister pall of secrecy” surrounds Rhode Island’s pension system and has enabled hedge fund managers to keep the state in the dark about how its assets are being invested, according to a forensic report.

Pennsylvania Gov, Tom Corbett has directed the release of $45 million in one-time state funds for use by Philadelphia's teetering school district -- the state's largest --for the upcoming school year.

Fitch Ratings downgraded the Philadelphia School District's underlying rating to BB from BBB-minus, while keeping the enhanced rating at AA-minus.

The New York City Industrial Development Agency approved a $328 million tax exemption for Related Cos. for its Hudson Yards development on Manhattan's West Side.

The New York City Transitional Finance Authority will kick off $1.2 billion of new money bond sales with a $650 million issuance on Oct. 23.

Standard & Poor's revised its outlook on Brooklyn Law School bonds to negative, and warned that law school enrollment could continue to decline nationwide.

Transit historian Peter Derrick says that whatever the cost, unifying New York City's regional commuter rail systems would pay economic dividends.