Northeast

Standard & Poor’s upgraded its long-term rating and underlying rating on Philadelphia’s general obligation debt to BBB-plus from BBB, with a positive outlook.

Moody’s Investors Service has affirmed the Aa1, Aa1/VMIG1 and P-1 ratings on Cornell University’s outstanding bonds and commercial paper, and revised the outlook to stable from negative.

The passage of New York’s budget is a credit positive for less affluent school districts struggling to overcome constraints caused by the state’s new 2% cap on annual increases in property tax levies, Moody’s Investors Service said in a report.

New York Comptroller Thomas DiNapoli has appointed Robert Ward as deputy comptroller of budget and policy analysis.

Derek Hansel will become the new executive director of the New Jersey Educational Facilities Authority on Tuesday.

Susan Perez is the new executive director of the Massachusetts Water Pollution Abatement Trust, state Treasurer Steven Grossman announced.

WASHINGTON — The Maryland Transportation Authority will price more than $260 million of tax-exempt bonds to refund 2002 bonds and to finance a passenger walkway and tunnel for the Baltimore-Washington International Thurgood Marshall Airport, according to bond documents released Tuesday.

New York Comptroller Thomas DiNapoli on Monday announced the state's tentative bond calendar for the second quarter that totals $3.8 billion in new issuance, including the New York City Transitional Finance Authority's $900 million bond sale next week.

The Port Authority of New York and New Jersey is scheduled to auction $400 million of its consolidated bonds on Wednesday.

The New Jersey Economic Development Authority is scheduled to sell $1 billion of cigarette-tax revenue refunding bonds on Tuesday, with retail pricing Monday.