Northeast

Moody’s Investors Service affirmed its Aa1/VMIG 1 letter-of-credit-backed rating of the Philadelphia Gas Works revenue refunding bonds, fifth series A-2. Around $30 million of debt is affected.

Pennsylvania Senate Democrats have introduced a $2.8 billion plan they say would upgrade the commonwealth’s infrastructure.

A Dauphin County judge sided with the Harrisburg, Pa., controller and treasurer in a dispute with Mayor Linda Thompson over the right to authorize electronic payroll.

The New York City Transitional Finance Authority sold $1 billion of future tax-secured fixed-rate subordinate bonds, including $800 million of tax-exempt new-money bonds, $100 million of taxable qualified school construction bonds and $100 million of taxable new-money bonds.

New York school districts may be forced to reduce fund balance levels to meet rising expenditures in the absence of revenue growth, Moody’s Investors Service said in a report.

The Massachusetts Water Pollution Abatement Trust became the first state revolving fund in the country to sell its bonds through a combined offering of negotiated and competitive sale processes, according to Massachusetts Treasurer Steven Grossman’s office.

Connecticut is providing a $3 million loan to help pigment-maker Tronox Inc. establish its corporate headquarters in Stamford, Gov. Dannel Malloy announced.

Moody’s Investors Service downgraded Groton, Conn.’s long-term general obligation rating to Aa3 from Aa2 and affirmed a negative outlook.

Nassau County, in New York's Long Island, received strong retail demand for the $218 million of short-term notes sold Thursday, with over $1 billion dollars in orders, said deputy county executive of finance Tim Sullivan.

The Scranton, Pa., City Council agreed to reconsider covering a $1 million debt payment to the Scranton Parking Authority, which is now in default.