News and Information from Bond Buyer

Virginia has the environmental clearance to go ahead with a highway project originally earmarked for P3 funding.

A Puerto Rico government commission report raised concerns over debt-service coverage, illegalities, disclosures and accounting issues regarding $673 million of bonds issued by the island’s power utility in 2013.

Fitch Ratings has downgraded the ratings on the following U.S. Virgin Islands (USVI) Water and Power Authority (WAPA) revenue bonds:

Three months after ordering a shutdown of most New Jersey road and transit projects, Republican Gov. Chris Christie and leaders of the legislature’s Democratic majorities forged an agreement to fund the state’s Transportation Trust Fund through a gas tax hike.

Already the lowest rated state, Illinois suffered a new downgrade as S&P Global Ratings dropped it to BBB ahead of $1.8 billion in bond sales.

In the latest installment of Muni Minute – The Bond Buyer's 60-second video series that examines a top municipal market story that will have an impact in the coming week – we look at the National Association of Municipal Advisors annual conference in New Orleans, where where its members will hear from industry participants on topics such as bank loans, credit rating agencies, disclosure, and public private partnerships as well as current and ongoing regulatory initiatives like Municipal Securities Rulemaking Board rules and findings from two years of examinations of muni advisors.

The University of Arkansas will join the college football stadium arms race with a $115 million bond issue for the Razorbacks’ home field.

Top-rated municipal bonds were mixed at mid-session, according to traders, as the market prepares for a hefty $14.23 billion new issue calendar.

Tender rates for the Treasury Department's latest 91-day and 182-day discount bills were lower, as the three-months incurred a 0.310% high rate, down from 0.250% the prior week, and the six-months incurred a 0.490% high rate, off from 0.420% the week before.

The municipal bond market on Monday is preparing for one of the biggest new issue slates of the year, with over $14 billion of new deals on tap.

Oct. 3, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA-/AA- 0.93 1.42 2.02 2.82 Delaware Aaa/AAA/AAA 0.78 1.01 1.49 2.28 Maine Aa2/AA/AA 0.8 1.09 1.62 2.4 Maryland Aaa/AAA/AAA 0.78 1.03 1.53 2.29 Massachusetts Aa1/AA+/AA+ 0.81 1.13 1.66 2.48 New Hampshire Aa1/AA/AA+ 0.8 1.06 1.54 2.38 New Jersey A2/A/A 1.13 1.6 2.2 2.97 New York Aa1/AA+/AA+ 0.78 1.02 1.56 2.44 Pennsylvania Aa3/AA-/AA- 0.98 1.49 2.07 2.86 Rhode Island Aa2/AA/AA 0.83 1.21 1.82 2.64 Vermont Aaa/AA+/AAA 0.78 1.03 1.52 2.3 Dist. of Columbia Aa1/AA/AA 0.81 1.13 1.7 2.51 Puerto Rico Caa3/CC/CC 45.78 16.87 11.55 8.64

9/30/2016 9/23/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 0 $0 2 $23,929 -$23,929 Delaware 1 53,000 0 0 53,000 Maine 2 33,700 0 0 33,700 Maryland 2 49,505 1 17,675 31,830 Massachusetts 9 2,407,046 4 579,218 1,827,828 New Hampshire 2 56,185 1 98,825 -42,640 New Jersey 8 113,126 9 114,769 -1,643 New York 19 2,146,687 12 127,974 2,018,713 Pennsylvania 13 173,940 9 737,825 -563,885 Rhode Island 1 250,000 3 88,850 161,150 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

ILLINOIS

Monday, October 3 Issuer St Description Amount

Monday, October 3 Issuer St Description Amount

Week Of October 3 Issuer St Description Amount

ALABAMA

Day Indicator Last Report Forecast Monday Construction Spending July: unch Aug.: +0.2% Monday ISM Manufacturing PMI Aug.: 49.4 Sept.: 50.3 Wednesday ADP Aug.: +177,000 Sept.: +170,000 Wednesday International Trade July: -$39.5B Aug.: -$40.0B Wednesday Factory Orders July: -1.0% Aug.: -0.2% Thursday Initial Claims 9/24: 254,000 10/1: 257,000 Thursday Continuing Claims 9/17: 2.062M 9/24: n/a Friday Nonfarm Payrolls Aug.: +151,000 Sept.: +170,000 Friday Private Payrolls Aug.: +128,000 Sept.: +169,000 Friday Manufacturing Payrolls Aug.: -14,000 Sept.: -5,000 Friday Unemployment Rate Aug.: 4.9% Sept.: 4.9% Friday Avg Hourly Earnings Aug.: +0.1% Sept.: +0.3% Friday Avg Work Week Aug.: 34.3 Sept.: 34.4 Friday Wholesale Inventories July: unch Aug.: -0.1% Friday Wholesale Sales July: -0.4% Aug.: +0.2% Friday Consumer Credit July: +$17.7B Aug.: +$16.5B

S&P Global Ratings lowered its rating on Illinois' general obligation (GO) bonds to 'BBB' from 'BBB+'.

Wells Fargo would lose out on financial business with the city of Chicago for two years under an ordinance proposed Friday by the City Council’s powerful Finance Committee chairman in the aftermath of the firm’s phony accounts scandal.