News and Information from Bond Buyer

Jan. 18, 2016 Northeast: Plain/Insured GO Yield Curve* State Ratings One-Year Five-Year 10-Year 30-Year Connecticut Aa3/AA/AA 0.55 1.37 2.19 3.2 Delaware Aaa/AAA/AAA 0.46 1.08 1.78 2.73 Maine Aa2/AA/AA 0.49 1.14 1.88 2.84 Maryland Aaa/AAA/AAA 0.48 1.12 1.82 2.74 Massachusetts Aa1/AA+/AA+ 0.51 1.17 1.92 2.89 New Hampshire Aa1/AA/AA+ 0.49 1.16 1.87 2.86 New Jersey A2/A/A 0.83 1.78 2.68 3.64 New York Aa1/AA+/AA+ 0.48 1.1 1.85 2.9 Pennsylvania Aa3/AA+/AA+ 0.68 1.43 2.27 3.22 Rhode Island Aa2/AA/AA 0.56 1.34 2.14 3.09 Vermont Aaa/AA+/AAA 0.48 1.11 1.81 2.75 Dist. of Columbia Aa1/AA/AA 0.52 1.18 1.93 2.93 Puerto Rico Caa3/CC/CC 12.48 13.1 11.19 8.34

1/15/2016 1/8/2016 State # Iss Amount ($000s) # Iss Amount ($000s) Chg in Amt ($000s) Connecticut 2 $58,275 4 $293,050 -$234,775 Delaware 0 0 1 185,835 -185,835 Maine 0 0 1 7,500 -7,500 Maryland 2 90,955 1 42,875 48,080 Massachusetts 5 496,400 6 283,732 212,668 New Hampshire 0 0 2 14,592 -14,592 New Jersey 6 69,288 6 183,154 -113,866 New York 9 423,924 12 195,563 228,361 Pennsylvania 10 190,605 16 298,760 -108,155 Rhode Island 0 0 0 0 0 Vermont 1 170,000 1 29,000 141,000 District of Columbia 1 372,250 3 102,825 269,425 Puerto Rico 1 750,000 1 750,000 0

The Municipal Securities Rulemaking Board is asking the Securities and Exchange Commission to approve its slightly revised proposal to lengthen board members’ terms to four years from three.

Moody’s Investors Service offered a mixed picture of states’ progress on dealing with their pension liabilities in fiscal year 2014.

Government

Standard & Poor's socked the already junk-rated Chicago Board of Education with a two-notch downgrade Friday as the fiscally embattled district prepares to come to market later this month.

New Jersey tax collections are up 3.9% at the halfway point of the 2016 fiscal year, according to the State Department of Treasury.

Top-rated municipal bonds finished stronger on Friday, traders said, as yields on some maturities fell as much as four basis points. Treasuries rose as equities fell on worries about the strength of China’s economy and weakness in oil prices.

Michigan Gov. Rick Snyder is requesting a federal emergency declaration and supporting a shift of more executive powers back to Flint Mayor Karen Weaver as the city grapples with a water crisis that could cost more than $1 billion to fix.

Only Congress can take the necessary steps to fully resolve Puerto Rico's debt crisis, Treasury Secretary Jack Lew said in a letter to congressional leadership on Friday.

J. P. Turner & Co. and Wedbush Securities, Inc. were hit with a total of $305,000 in fines by the Financial Industry Regulatory Authority for violating municipal bond rules in connection with excessive markups, disclosure failures, and/or falsifying documents.

The St. Petersburg, Fla., City Council voted Thursday to allow the Tampa Bay Rays to search for a new Major League Baseball stadium site in the region.

Tennessee Gov. Bill Haslam will not propose an increase in the state’s gasoline and diesel taxes during the 2016 legislative session.

Only 7% of the nation’s 3,069 counties have fully recovered from the last recession, according to research by the National Association of Counties.

The Los Angeles Rams' planned stadium in Inglewood, Calif. is a credit positive for the city, Moody's Investors Service said.

The Detroit Public Schools could see a fiscal fallout if organized “sick-outs” by some teachers are prolonged, Moody’s Investors Service warns in a new report.

Top-rated municipal bonds remained stronger at mid-session, traders said, as yields on some maturities were as much as five basis points lower.

Top-rated municipal bonds were stronger in late morning trade, traders said, as yields on some maturities were as much as five basis points lower. Treasuries rose as equities fell on worries about China's economy and the fall in oil prices.

The “Great Financial Crisis” continues to haunt the world’s economy because government failed to repair a damaged system and prosecute fraud, says University of Texas economist James K. Galbraith, who speaks next month at a Bond Buyer event in Austin.

The University of Michigan's preliminary January consumer sentiment index reading was 93.3, compared to the final December 92.6, and the preliminary December 91.8, according to market sources.