News and Information from Bond Buyer

Puerto Rico has declared a moratorium on payments on an additional Puerto Rico Infrastructure Finance Authority bond issue.

Longtime municipal credit analyst Richard Larkin has joined Stoever Glass & Co. as director of municipal credit analysis for the 50-year-old Wall Street firm that specializes in municipal bonds for individuals and families and is expanding its operations South.

Poll finds scant support from Kansas City (Mo.) voters for bonds that would finance a new $964 million airport terminal.

The National Federation of Municipal Analysts presented awards to six municipal market professionals and one issuer during a luncheon at its annual conference here on Wednesday.

A year after North Carolina inked its first public-private partnership with I-77 Mobility Partners, lawmakers have filed bills to terminate the $648 million pact amid investigations into the deal.

Top-quality municipal bonds were slightly stronger at mid-session, according to traders, as three big transportation deals totaling over $2 billion hit the screens on Wednesday.

S&P Global Ratings said it lowered its issuer credit rating on the senior unsecured debt of the Government Development Bank for Puerto Rico (GDB) to D (default) from CC.

Conning has lowered its outlook on municipal credit for U.S. states to stable from improving as revenue growth began to show signs of strain amid rising expenditures. In its “State of the States” credit report for the first quarter, the investment firm said states have started to ramp up spending after years of restrained expenditures even as growth in revenue slows.

After five months of declining sales tax revenue, Texas has recorded its second month of year-over-year growth, despite a further drop in oil revenue, state Comptroller Glenn Hegar said.

Indicator Last Report Forecast Actual ADP Employment Report March: +194,000 April: +195,000 April: +156,000 International Trade Feb.: -$47.0B March: -$41.5B March: -$40.4B Productivity Q4: -1.7% Q1: -1.3% Q1: -1.0% Unit Labor Costs Q4: +2.7% Q1: +3.0% Q1: +4.1% Factory Orders Feb.: -1.9% March: +0.6% March: +1.1% ISM Non-Manufacturing March: 54.5 April: 54.7 April: 55.7

About 5,170,100 online job postings appeared on leading internet job boards in April, an increase of 39,600 from March, the Conference Board reported Wednesday.

The U.S. services sector expanded at a faster pace in April as the non-manufacturing business activity composite index was 55.7 in the month, compared to 54.5 in March, on a seasonally adjusted basis, the Institute for Supply Management reported Wednesday.

Municipal bond traders are seeing several big transportation deals hit the screens early on Wednesday.

U.S. Treasury Secretary Jack Lew said concern for the people of Puerto Rico is the primary reason he wants lawmakers to adopt restructuring legislation for the commonwealth.

Private-sector employment increased by 156,000 in April, on a seasonally adjusted basis, ADP reported Wednesday.

May. 4, 2016 Midwest: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Illinois Baa1/A+/BBB+ 1.41 2.59 3.37 4.28 Indiana Aaa/AAA/AA+ 0.56 1.05 1.74 2.7 Iowa Aaa/AAA/AAA 0.56 1.04 1.74 2.7 Michigan Aa1/AA+/AA 0.6 1.1 1.81 2.8 Minnesota Aa1/AA+/AA+ 0.57 1.01 1.65 2.59 Missouri Aaa/AAA/AAA 0.56 0.98 1.63 2.59 Nebraska NR/AAA/NR 0.56 1.07 1.79 2.78 North Dakota Aa1/AA+/NR 0.59 1.11 1.82 2.78 Ohio Aa1/AA+/AA+ 0.58 1.07 1.75 2.75 South Dakota NR/AA+/AA+ 0.58 1.07 1.82 2.8 Wisconsin Aa2/AA/AA 0.58 1.06 1.76 2.7

5/3/2016 4/26/2016 State # Iss Amount ($000) # Iss Amount ($000) Chg in Amt ($000s) Illinois 6 $515,180 7 $205,530 $309,650 Indiana 7 138,960 3 9,965 128,995 Iowa 8 85,740 14 55,545 30,195 Michigan 14 231,175 12 300,925 -69,750 Minnesota 40 320,015 31 364,310 -44,295 Missouri 2 351,820 2 255,615 96,205 Nebraska 0 0 1 136,360 -136,360 North Dakota 2 53,305 2 53,305 0 Ohio 13 405,390 5 186,950 218,440 South Dakota 0 0 0 0 0 Wisconsin 37 491,600 33 1,601,370 -1,109,770

Wednesday, May 4 Issuer St Description Amount

Wednesday, May 4 Issuer St Description Amount

Week Of May 2 Issuer St Description Amount