News and Information from Bond Buyer

Municipal bond traders are gearing up to see a second wave of new issuance hit the market on Wednesday.

S&P Global Ratings said it has lowered its rating on certain Puerto Rico Public Buildings Authority's bonds, as well as on the Puerto Rico Industrial, Tourist, Educational, Medical and Environmental Control Facilities Financing Authority's series 2011A bonds, to D (default) from CC following a default on payment of debt service on July 1.

Kroll's downgrade to AA-minus should have little effect on Connecticut's $500 million GO sale, said state Treasurer Denise Nappier.

Moody's Investors Service said it has downgraded the general obligation rating of the city of Mequon, Wis., to Aa2 from Aa1.

The Municipal Securities Rulemaking Board is aiming to make progress on a number of high-profile projects during its board meeting next week including markup and bank loan disclosure as well as a new municipal advisor complaint system and plans to improve EMMA.

Jul. 20, 2016 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois Baa2/BBB+/BBB+ 1.24 2.63 3.26 3.88 Indiana Aaa/AAA/AA+ 0.52 0.94 1.57 2.23 Iowa Aaa/AAA/AAA 0.52 0.93 1.57 2.23 Michigan Aa1/AA+/AA 0.56 1 1.65 2.33 Minnesota Aa1/AA+/AA+ 0.53 0.9 1.5 2.12 Missouri Aaa/AAA/AAA 0.52 0.87 1.46 2.12 Nebraska NR/AAA/NR 0.52 0.96 1.62 2.31 North Dakota Aa1/AA+/NR 0.55 1 1.65 2.31 Ohio Aa1/AA+/AA+ 0.54 0.98 1.6 2.26 South Dakota NR/AA+/AAA 0.54 0.96 1.65 2.33 Wisconsin Aa2/AA/AA 0.55 0.98 1.59 2.23

7/19/2016 7/12/2016 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 4 $61,055 5 $106,240 -$45,185 Indiana 7 576,695 13 260,320 316,375 Iowa 3 5,610 4 65,360 -59,750 Michigan 4 692,820 20 2,107,200 -1,414,380 Minnesota 29 172,485 42 334,866 -162,381 Missouri 1 22,970 2 110,300 -87,330 Nebraska 0 0 0 0 0 North Dakota 0 0 6 53,865 -53,865 Ohio 9 829,395 6 251,910 577,485 South Dakota 0 0 0 0 0 Wisconsin 16 198,740 15 307,630 -108,890

Wednesday, July 20 Issuer St Description Amount

Wednesday, July 20 Issuer St Description Amount

Week Of July 18 Issuer St Description Amount

ARKANSAS

ARKANSAS

Municipal market participants are criticizing as too low the $50,000 fine that the Financial Industry Regulatory Authority imposed on Dougherty & Co. after finding the firm served as an underwriter for 54 issuers with which it had ongoing “blanket” financial advisory agreements.

An investor in Puerto Rico Highways and Transportation Authority bonds has sued Puerto Rico officials and the PRHTA.

Government

The Internal Revenue Service has closed audits and left the tax-exempt status unchanged for $311.28 million of community development district bonds in Florida that started the whole debate about political subdivisions and led the tax agency to propose controversial rules for such districts earlier this year.

Strong infrastructure investment could greatly benefit the U.S. Here are numerous examples over 10 key areas.

Katten Muchin Rosenman LLP is hosting a reception Thursday to honor the memory of bond lawyer and public finance banker George Pitt who died in March.

Top quality municipal bonds finished flat on Tuesday, according to traders, as the first wave of new issuance swept into the market, led by issuers from New York, Massachusetts and Washington.

Elaine Greenberg, the former head of the Securities and Exchange Commission’s municipal enforcement unit, has joined Greenberg Traurig’s Washington D.C. office as a shareholder, the firm announced Tuesday.