News and Information from Bond Buyer

Fitch Ratings has downgraded the rating on the following bonds issued by the Puerto Rico Public Buildings Authority to D from C to reflect payment default: Government facilities revenue and revenue refunding bonds, series R, S, T, and U.

Pennsylvania Auditor Eugene DePasquale has begun an audit of the Pittsburgh Water and Sewer Authority, citing governance-related problems.

An attempt by an issuer to introduce protective language into bond documents on a taxable municipal hospital deal backfired and was thwarted by bondholders, Adam Cohen, the founder of Covenant Review, told a meeting of the Fixed Income Analysts Society on Thursday night.

California revenues for January beat projections in the governor’s proposed 2017-18 budget by $747 million, but year-to-date revenues still missed the mark.

A court ruling momentarily halting New Jersey from cutting Atlantic City’s firefighter workforce as part of its state takeover is a credit negative for the cash-strapped city, according to Moody’s Investors Service.

Top-shelf municipal bond were stronger at mid-session, according to traders who were looking ahead to the three-day holiday weekend. The market will be closed on Monday in observance of Presidents' Day.

A trade war or trade slowdown with China could impact some credits, with West Coast container ports particularly vulnerable.

The composite index of Leading Economic Indicators was up 0.6% in January following an unrevised 0.5% increase in December, the Conference Board reported Friday.

Municipal bond market participants on Friday were looking ahead to the three-day holiday weekend, with slow activity expected on the last trading day before the celebration of Presidents' Day on Monday.

Feb. 17, 2017 Far West: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alaska Aa2/AA+/AA+ 0.96 1.96 2.9 3.7 California Aa3/AA-/AA- 0.87 1.74 2.73 3.43 Hawaii Aa1/AA+/AA 0.87 1.71 2.62 3.37 Idaho Aa1/AA+/AA+ 0.86 1.72 2.61 3.36 Montana Aa1/AA/AA+ 0.86 1.71 2.62 3.38 Nevada Aa2/AA/AA+ 0.89 1.75 2.65 3.41 Oregon Aa1/AA+/AA+ 0.88 1.66 2.53 3.27 Washington Aa1/AA+/AA+ 0.89 1.71 2.69 3.46 Wyoming NR/AAA/NR 0.86 1.68 2.53 3.27

2/16/2017 2/9/2017 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000) Alaska 0 $0 0 $0 $0 California 21 609,950 24 1,129,340 -519,390 Hawaii 0 0 0 0 0 Idaho 0 0 0 0 0 Montana 0 0 1 5,225 -5,225 Nevada 0 0 2 152,765 -152,765 Oregon 0 0 1 70,000 -70,000 Washington 2 258,935 1 130,000 128,935 Wyoming 0 0 0 0 0

Wednesday, February 22 Issuer St Description Amount

Friday, February 17 Issuer St Description Amount

Friday, February 17 Issuer St Description Amount

ALABAMA

ARIZONA

The Municipal Securities Rulemaking Board is asking for comments both on draft amendments to its current dealer advertising rule that would harmonize it with other regulators’ rules as well as on a proposed rule that would extend many of those dealer provisions to municipal advisors.

Government

The weekly average yield to maturity of The Bond Buyer Municipal Bond Index, which is based on 40 long-term bond prices, rose three basis points to 4.28% from 4.25% in the previous week.

Gov. Charlie Baker’s administration is starting a search for a permanent chief executive and general manager for the Massachusetts Bay Transportation Authority.