News and Information from Bond Buyer

MASSACHUSETTS

ALABAMA

Day Indicator Last Report Forecast Wednesday Existing Home Sales Dec.: 5.49M Jan.: 5.55M Thursday Initial Claims 2/11: 239,000 2/18: 230,000 Thursday Continuing Claims 2/4: 2.076M 2/11: 1.988M Friday Michigan Sentiment Jan.: 98.5 Feb.: 96.0 Friday Current Conditions Jan.: 111.3 Feb.: n/a Friday Expectations Jan.: 90.3 Feb.: n/a Friday New Home Sales Dec.: 536,000 Jan.: 575,000

Feb. 21, 2017 Southwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Arizona Aa3/AA-/NR 0.91 1.72 2.61 3.37 Arkansas Aa1/AA/NR 0.89 1.68 2.54 3.29 Colorado Aa1/AA/NR 0.89 1.71 2.6 3.36 Kansas Aa2/AA/NR 0.89 1.72 2.63 3.38 New Mexico Aa1/AA/NR 0.88 1.65 2.51 3.26 Oklahoma Aa2/AA+/AA+ 0.9 1.76 2.63 3.38 Texas Aaa/AAA/AAA 0.87 1.69 2.62 3.35 Utah Aaa/AAA/AAA 0.86 1.6 2.41 3.14

2/20/2017 2/13/2017 State Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Arizona 6 $248,645 4 $197,875 $50,770 Arkansas 1 8,000 0 0 8,000 Colorado 1 7,470 7 154,091 -146,621 Kansas 4 18,450 2 12,145 6,305 New Mexico 3 145,490 1 57,435 88,055 Oklahoma 11 297,330 8 95,890 201,440 Texas 23 288,005 36 505,535 -217,530 Utah 2 30,000 3 59,860 -29,860

Feb. 20, 2017 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA-/AA- 1.06 2.15 3.11 3.85 Delaware Aaa/AAA/AAA 0.86 1.59 2.4 3.13 Maine Aa2/AA/AA 0.86 1.66 2.52 3.27 Maryland Aaa/AAA/AAA 0.86 1.62 2.43 3.14 Massachusetts Aa1/AA+/AA+ 0.88 1.68 2.59 3.34 New Hampshire Aa1/AA/AA+ 0.88 1.68 2.53 3.26 New Jersey A2/A/A 1.26 2.52 3.41 4.11 New York Aa1/AA+/AA+ 0.86 1.63 2.5 3.31 Pennsylvania Aa3/AA-/AA- 1.04 2.1 3.11 3.79 Rhode Island Aa2/AA/AA 0.91 1.78 2.72 3.48 Vermont Aaa/AA+/AAA 0.86 1.61 2.43 3.15 Dist. of Columbia Aa1/AA/AA 0.89 1.67 2.58 3.35 Puerto Rico Caa3/CC/CC 38.86 14.4 10.61 8.24

2/17/2017 2/10/2017 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 1 $17,500 3 $240,095 -$222,595 Delaware 1 225,000 0 0 225,000 Maine 1 35,000 1 51,000 -16,000 Maryland 2 675,000 4 792,695 -117,695 Massachusetts 3 31,839 2 60,140 -28,301 New Hampshire 0 0 0 0 0 New Jersey 4 109,294 0 0 109,294 New York 11 151,270 5 582,220 -430,950 Pennsylvania 11 330,500 19 754,950 -424,450 Rhode Island 1 40,000 2 40,000 0 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

Government

Nearly the entire leadership of the University of Puerto Rico resigned in protest of a requested one-third cut in the commonwealth contribution to the school’s budget.

The finances of states and health care providers could be hurt by the House Republican plan for repealing and replacing the Affordable Care Act, Fitch Ratings and S&P Global Ratings said in recent reports.

Municipal market participants face meager supply in the coming week, with issuance forecast at less than $4 billion.

Illinois legislation to establish a new borrowing program for home rule governments may look good on the surface, but won’t necessarily protect investors against a borrower’s general creditworthiness, according to Municipal Market Analytics

Public pension funds around the country are reducing their return assumptions.

New York's debate over reduced fares for lower income persons reflects a long-running tension among the state, city and public transit agencies.

The general obligation limited tax bonds of 32 local governments in Michigan were upgraded one notch on the back of a ratings methodology change by Moody’s Investors Service.

Julie Egan, the new chair of the National Federation of Municipal Analysts, wants to increase NFMA’s visibility in the municipal market in 2017 and push regulators for more improvements to muni disclosure.

A plan to eliminate Michigan’s income tax is headed to the full state House of Representatives for a vote.

S&P Global Ratings said it assigned its AA-minus long-term rating, and stable outlook, to California's estimated $2.4 billion of general obligation bonds.

A new method of appraising big box retail stores known as "Dark Store Theory" could cost local governments billions of dollars in lost property tax value, according to the Texas Comptroller's office.

Indiana may put tolls on its interstates to fund road work under a state House-approved bill.