News and Information from Bond Buyer

Moody's Investors Service said it has upgraded to A2 from A3 the New Jersey Turnpike Authority's (NJTA) revenue bonds.

Thursday, July 28 Issuer St Description Amount

Thursday, July 28 Issuer St Description Amount

Week Of July 25 Issuer St Description Amount

ARKANSAS

CALIFORNIA

Jul. 28, 2016 Southeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Alabama Aa1/AA/AA+ 0.54 0.93 1.55 2.28 Florida Aa1/AAA/AAA 0.52 0.95 1.59 2.27 Georgia Aaa/AAA/AAA 0.5 0.87 1.45 2.14 Kentucky Aa2/A+/AA+ 0.54 1.01 1.65 2.37 Louisiana Aa3/AA/AA 0.68 1.28 1.94 2.69 Mississippi Aa2/AA/AA 0.52 0.97 1.68 2.4 North Carolina Aaa/AAA/AAA 0.5 0.87 1.45 2.14 South Carolina Aaa/AA+/AAA 0.51 0.89 1.49 2.18 Tennessee Aaa/AA+/AAA 0.5 0.87 1.48 2.15 Virginia Aaa/AAA/AAA 0.49 0.86 1.44 2.13 West Virginia Aa1/AA+/AA+ 0.53 0.99 1.61 2.32

7/27/2016 7/20/2016 State Iss Amount ($000s) Iss Amount ($000s) Chg in Amt ($000s) Alabama 1 $550,000 0 $0 550,000 Florida 6 633,490 8 927,990 -294,500 Georgia 5 38,725 4 62,265 -23,540 Kentucky 7 82,365 3 36,695 45,670 Louisiana 0 0 4 229,955 -229,955 Mississippi 1 4,500 6 120,855 -116,355 North Carolina 3 728,990 4 779,565 -50,575 South Carolina 1 6,000 1 50,000 -44,000 Tennessee 0 0 4 60,900 -60,900 Virginia 6 130,565 2 153,120 -22,555 West Virginia 0 0 0 0 0

Government

Alabama Gov. Robert Bentley released a video Wednesday appealing for voters to support a state lottery to pay for essential government services he said were not fully funded in the upcoming budget. He plans to ask lawmakers to put a lottery on the ballot in a special session he will call soon.

S&P Global Ratings dropped Western Illinois University two notches to BBB-minus, citing the state's prolonged budget mess.

New York City faces outyear budget gaps of as high as $4 billion by fiscal 2019 according to an analysis by city Comptroller Scott Stringer.

Detroit, already facing headwinds with its first post-bankruptcy general obligation/distributable state aid backed sale, could suffer some spill due to the state’s disruption of a similar security on some of Detroit Public Schools' bonds, one municipal market participant suggested.

The Securities and Exchange Commission is arguing it can't fight a lawsuit challenging a revised rule to curb municipal securities pay-to-play activity because the fiscal 2016 appropriations act prohibits it from spending money on any rules governing political contributions.

Munis were stronger, as the Federal Open Market Committee announced that interest rates will be held where they are. According to traders, yields on some maturities dropped by as many as three basis points.

Atlantic City will default unless reaches agreement with the New Jersey state government on a bridge loan, according to Moody's Investors Service.

California Treasurer John Chiang announced that municipal finance firms seeking state business will be required to certify that they will make no contributions to local bond election campaigns in the state.

New York MTA expects to save roughly $152 million in interest from its planned $1 billion sale of Hudson Yards lease securitization bonds, said CFO Robert Foran.

Transit providers in 13 states will share $55 million in federal smog-busting bus grants.

Abstract Municipal issuer, education and utility groups are urging Republican lawmakers to maintain the tax-exemption of municipal bonds in their blueprint for tax reform.