Northeast

WASHINGTON — The Maryland Department of Transportation on Wednesday expects to competitively sell $140 million of bonds, including what could be MDOT’s first Build America Bonds.

Fitch Ratings late Thursday downgraded Connecticut’s general obligation debt to AA from AA-plus, citing the state’s reduced financial flexibility, reliance on debt to close budget gaps, and structural imbalance. Fitch also revised its outlook on the state to stable from negative.

The Rhode Island House is expected to vote on a $7.8 billion fiscal 2011 budget today that would authorize a $350 million tax anticipation note issue and put two bond deals on the November ballot. It would also cut spending in the current fiscal year.

The Dormitory Authority of the State of New York’s upcoming $1.3 billion personal-income tax bond deal will be the state’s largest ever municipal issue with a minority firm serving as book-runner, DASNY announced yesterday.

New York’s pension fund’s rate of return improved significantly in the fiscal year that ended March 31 but didn’t erase the previous year’s steep loses, state Comptroller Thomas DiNapoli said yesterday.

Holders of Central Falls, R.I., debt will get paid — at least that’s the plan, according to the court-appointed temporary receiver who is now running things.

WASHINGTON — A critique of two proposed hospital projects in Montgomery County, Md., echoes warnings that the enactment of health care reform will make it more challenging for nonprofit health providers to finance projects through the municipal bond market.

New Jersey is seeking investment banking services for a general obligation refinancing as it also gears up for a new-money transportation deal this summer.

WASHINGTON — Maryland has become the first state to disclose that a portion of its Build America Bond subsidy payment was reduced so that it could pay the federal government outstanding payroll taxes, state officials said this week. The offset could affect BAB issuance in the future, they said.

Rochester-based Harris Beach PLLC has hired attorney John S. Harris as partner to help with its expansion in the New York state capital region.