Southeast

The Louisiana State Bond Commission approved a plan Tuesday that allows the state to continue for another year its investment in auction-rate tax-exempt bonds issued in 2006 by the Louisiana Stadium and Exposition District.

Tennessee Governor-elect Bill Haslam has selected Mark Emkes as commissioner of the Department of Finance and Administration, which oversees the state budget and health care program.

Standard & Poor's revised its outlook to positive from stable on Orange County's AA general obligation credit rating Tuesday based on continuing improvement in the county's financial position.

The board overseeing the financing and construction of the new $1.2 billion public hospital in New Orleans to replace state-owned Charity Hospital has selected Kaufman, Hall & Associates as financial adviser for a proposed $400 million revenue bond issue.

Moody's Investors Service downgraded Coral Gables' issuer rating to Aa1 from Aaa on Tuesday due to the city's historically narrow financial reserve position. Its total general fund balance as a percentage of operating revenues historically has been around 8% and "well below" the median for a Aaa-rated credit, said Moody's analyst John Nichols.

The Alabama Supreme Court ruled Tuesday that Jefferson County can continue to collect an occupational and business license tax while appealing a lower court decision that it's unconstitutional.

Florida economists are now predicting a bigger budget shortfall than they projected just three months ago in a change that could translate into less bonding power for the state in fiscal 2012.

Investors who own bonds issued by the bankrupt Connector 2000 Association Inc. toll road have tentatively reached an agreement with the issuer and South Carolina to exchange their outstanding debt for new bonds.

The Tennessee State Funding Board is expected to approve a new model debt policy Wednesday establishing minimum requirements for all issuers selling debt, including state and local borrowers.

BRADENTON, Fla. — Cullman ­Regional Medical Center in Alabama, has had its ratings dropped to below investment grade by Fitch Ratings and Moody’s Investors Service about a year after refinancing all its bonds.