News and Information from Bond Buyer

Aug. 8, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA+/AA+ 0.66 1.25 1.96 2.7 Delaware Aaa/AAA/AAA 0.46 0.84 1.4 2.14 Maine Aa2/AA/AA 0.48 0.92 1.53 2.26 Maryland Aaa/AAA/AAA 0.46 0.86 1.44 2.15 Massachusetts Aa1/AA+/AA+ 0.5 0.93 1.57 2.35 New Hampshire Aa1/AA/AA+ 0.48 0.89 1.45 2.24 New Jersey A2/A/A 0.81 1.55 2.18 2.86 New York Aa1/AA+/AA+ 0.46 0.85 1.47 2.3 Pennsylvania Aa3/AA+/AA+ 0.61 1.33 2.06 2.8 Rhode Island Aa2/AA/AA 0.51 1.04 1.73 2.5 Vermont Aaa/AA+/AAA 0.46 0.86 1.43 2.16 Dist. of Columbia Aa1/AA/AA 0.5 0.96 1.61 2.37 Puerto Rico Caa3/CC/CC 40.96 16.15 11.06 8.35

8/8/2016 7/29/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 3 173,535 6 $675,460 -$501,925 Delaware 0 0 0 0 0 Maine 1 10,500 0 0 10,500 Maryland 0 0 0 0 0 Massachusetts 2 17,395 6 309,425 -292,030 New Hampshire 1 14,268 0 0 14,268 New Jersey 2 11,809 7 55,745 -43,936 New York 14 686,790 22 1,247,237 -560,447 Pennsylvania 17 1,761,225 9 1,650,420 110,805 Rhode Island 0 0 2 7,610 -7,610 Vermont 0 0 0 0 0 District of Columbia 0 0 0 0 0 Puerto Rico 1 750,000 1 750,000 0

Monday, August 8 Issuer St Description Amount

Monday, August 8 Issuer St Description Amount

Week Of August 8 Issuer St Description Amount

Week Of August 8 Issuer St Description Amount

KENTUCKY

ALABAMA

Day Indicator Last Report Forecast Tuesday Productivity Q1: -0.6% Q2: +0.5% Tuesday Unit Labor Costs Q1: +4.5% Q2: +1.8% Tuesday Wholesale Inventories May: +0.1% June: unch Tuesday Wholesale Sales May: +0.5% June: +0.4% Wednesday Budget Statement June: +$6.3B July: n/a Thursday Import Prices June: +0.2% July: -0.3% Thursday Export Prices June: +0.8% July: unch Thursday Initial Jobless Claims 7/30: 269,000 8/6: 265,000 Thursday Continuing Claims 7/23: 2.138M 7/30: 2.140M Friday PPI June: +0.5% July: +0.1% Friday PPI Core June: +0.4% July: +0.2% Friday Retail Sales June: +0.6% July: +0.4% Friday ex-Autos June: +0.7% July: +0.2% Friday Business Inventories May: +0.2% June: +0.1% Friday Michigan Sentiment July: 90.0 Aug.: 91.5

Moody's Investors Service has revised the Commonwealth of Pennsylvania's outlook to stable from negative. We have also affirmed the commonwealth's Aa3 general obligation rating, and the A1 and A2 ratings on various lease financings and appropriation bonds.

A federal judge on Friday dismissed Securities and Exchange Commission charges against Peter Cannava, a banker involved in an ill-fated private placement for startup video game company 38 Studios.

Government

Governors State University lost its investment grade rating in the latest credit fallout to hit Illinois higher education institutions from the state’s budget mess.

At its recent investors’ conference, Chicago impressed analysts with a new plan to rescue the largest of the city’s four pension funds, but several attendees said the smooth presentations didn’t erase their worries about the city’s pensions and its budget.

After one of the busier weeks we have seen in a while, the primary market is set for a drop in overall issuance but market participants will have two, billion dollar deals to sink their teeth into as well as a bevy of other smaller deals.

The Securities and Exchange Commission is arguing that any court challenge to the constitutionality of revised Rule G-37 on political contributions can be made when an enforcement action is taken over a violation of the rule.

Consumer credit increased by $12.3 billion in June to $3.634 trillion, the Federal Reserve reported Friday.

Oklahoma’s continuing downturn in revenue has exceeded the slump that followed the global financial crisis of 2008, state Treasurer Ken Miller said.

A last-minute compromise ensures that a $4.7 billion transit plan for Detroit will be on November ballot.

A political brawl involving a bone-dry transportation trust fund and a pension-funding referendum continues as New Jersey lawmakers reconvene.